An economy-related ministers' meeting was held in Seoul this morning to discuss a range of issues affecting South Korea.
Finance minister Hong Nam-ki identified the ongoing U.S.-China trade dispute, Brexit, and Japan's move to restrict exports to Korea as key external risks to South Korea's economy.
Calling on Tokyo to lift the export restrictions, Minister Hong added the government will work closely with Korean companies to minimize losses and work with other countries in the global community.
As for the U.S.-China trade spat and Brexit, he vowed to keep monitoring developments, adding that while U.S.-China tensions have eased with the two sides agreeing to resume trade negotiations, uncertainty and its effect on high-tech industry remains high.
In addition, he said South Korea is working on diversifying its trading partners, including the establishment of a free trade agreement with Malaysia... and will also help local construction companies win overseas infrastructure projects.
President Moon Jae-in has demanded that Japan calls off its latest trade restrictions,... in his first public remarks since the announcement of the export curbs.
President Moon's meeting with his top aides on Monday comes at a time of troubled bilateral relations,... stemming from Japan's new set of export controls on key materials bound for South Korea for making chips and smartphone displays.
President Moon said he will try to resolve the dispute calmly in a diplomatic manner.
But he made it clear that he will not stand back while Korean companies suffer the consequences.
He promised to draw up short-term responses and solutions to minimize the damage.
Japan has rejected South Korea's requests for a bilateral meeting on Japan's export restrictions.
Japan notified that it will hold a working-level trade talks to discuss nothing more than its stance and future countermeasures.
During an hour long meeting with Yoon Sang-hyun, chairman of the National Assembly's Foreign Affairs and Unification Committee, on Monday, Japanese Ambassador to South Korea Yasumasa Nakamine added Seoul's unresponsiveness to Japan's request for diplomatic talks since last October as well as its request to set up an arbitration committee as the causes of the trust damage.
Emphasizing Japan's export restrictions are not just because of wartime labor dispute, the ambassador noted it's a political issue that needs to solve through politics.
Despite Tokyo's persistent turndown,...Seoul plans to send another request to meet soon.
Seoul's foreign ministry is dismissing claims by a high-ranking Japanese official that certain materials exported to South Korea may have gone to North Korea.
According to a foreign ministry official on Monday,... the South Korean government is thoroughly following the rules of the four multi-lateral export control regimes... which aim to prevent the proliferation of weapons of mass destruction along with their related equipment and technology.
The ministry added that Seoul is faithfully implementing the
UN Security Council resolutions on North Korea while closely coordinating with the international community.
Seoul's statement came a day after Japanese Prime Minister Shinzo Abe said on local TV that it's clear Seoul is not keeping its international agreement with Tokyo over the issue of wartime forced labor,... so it's reasonable to think that South Korea is not complying with trade restrictions against North Korea.
Source: Arirang News
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