Japanese curbs will negatively affect semiconductor value chain and billions of consumers: official 2019-07-17 16:26:46 KST
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Most Popular Moon warns Japan for its 'unwise' action against S. Korea and calls on Tokyo to return to negotiating table President Moon Jae-in had some strong words to share regarding Japan's economic retaliations. The South Korean President called on Japan to return to the negotiating table and said Tokyo's export curbs would only be an exercise in futility. "South Korean firms will diversify their supply chain of necessary materials or localize production as they lose their confidence in partnering with Japan. I warn that the Japanese economy will suffer greater damage in the end." Speaking at a weekly meeting with his top aides, the President said Japanese export curbs targeting local firms are posing a roadblock to the Korean economy at a time when it's looking to take the next step forward. He said this rings especially true, given that semiconductors form the backbone of the Korean economy and its competitive advantages. The President emphasized that Korea has overcome similar economic adversities in the past and would do so again with united public support. Also pointing to Japan, the President blasted Tokyo's claims that Seoul had violated international sanctions by re-exporting banned goods to North Korea. Moon said these allegations were a "grave challenge" to the South Korean government which has devoted all of its efforts toward peace on the Korean Peninsula within the framework of UN sanctions. "Our government has a strong will to turn this into a blessing. The Korean government will do its best to reach a diplomatic resolution, but on the other hand, it will also provide economic support to Korean firms to confidently tackle this situation." He also indicated that his administration is open to discussing alternative to its recent offer of setting up a joint fund by Korean and Japanese firms to compensate the victims of forced labor. Moon added that the Korean government does not see this as the only solution, perhaps leaving the door open for a diplomatic solution. "With both sides refusing to back down and with President Moon coming down hard on Japan, the two nations could find themselves at an important crossroads this Thursday Japan's deadline for third-party arbitration in the forced labor dispute, to which Korea had said it will not respond to." Shin Se-min, Arirang News." 2019-07-16 WTO General Council to discuss Japan's trade curbs on S. Korea next week The WTO is set to discuss Japan's decision to tighten curbs on high-tech material exports to South Korea. This comes as Seoul requested the issue be dealt with during next week's WTO General Council, the organization's highest decision-making body. Seoul's commerce ministry said Sunday that it aims to call for the immediate withdrawal of the measures. It also plans to underscore how they could negatively affect global trade, just as it did during last week's meeting of the WTO Council for Trade in Goods. Japanese media forecast the tensions could persist for the time being. Tokyo's Asahi Shimbun has criticized Japan's trade curbs, saying they harm Japanese firms as well, but Japan's Nihon Keizai Shimbun predicts Tokyo will likely argue the measures are based on legitimate security concerns. It also pointed out the wide gap between Seoul and Tokyo. The newspaper also explained Tokyo sees the dispute could be turned into a prolonged spat, taking into account the possibility of South Korea suing Japan at the WTO. It says it could take over a year until a final verdict is handed down. Kim Hyo-sun, Arirang News. 2019-07-15 Moon says sorry for failing to keep campaign promise on minimum wage President Moon Jae-in has said sorry to the South Korean public for not being able to keep his campaign pledge to raise the minimum wage to 10-thousand won. That's about eight-and-a-half U.S. dollars, the level he'd said it would reach by 2020. But talks between labor and management last week set next year's rate far lower. Here's the President's chief of staff for policy on Sunday. “He said that as president it is extremely regrettable that he was not able to keep a promise to the people. He then ordered detailed measures to be prepared on the government level. President Moon said the Minimum Wage Commission made a difficult decision last week that took into account the country’s “economic conditions, employment situation and the receptiveness of the market.” The Commission representing labor, business and market experts, voted to raise the minimum wage next year by 2.9 percent, far smaller than the almost-19-percent rise that would've been needed reach 10-thousand won. 2019-07-15 Moon warns Japan for its 'unwise' action against S. Korea and calls on Tokyo to return to diplomatic table President Moon Jae-in has fired off a warning to Japan, saying Tokyo's economic retaliations could also harm its own economy. He also called on Japan to once again return to the negotiating table. For more on the president's remarks we go live to our Shin Se-min on the line. Se-min, tells us more about the message delivered by the president. It's the third time the president has commented on this issue, and it's the strongest-worded one seen thus far. President Moon Jae-in, for the first time, responded to Japan's accusations and claims one-by-one-- and said Japan's move is not only unreasonable, but also an unwise one. But first, let's listen to a part of his remarks made during a meeting with his top aides. "First, it is very unwise for Japan to link historical issues with the economy and their action runs counter to the development of relations between the two countries." The president also said that the Korean government had proposed to Japan, a smooth solution to the issue of victims of forced labor during the Japanese colonial rule, but that Japan has failed to hold proper consultations, taking one-sided measures instead. Also pointing to Japan. which has claimed that Seoul allowed sensitive materials to be reexported to North Korea, the president said such an accusation is a serious challenge to the South Korean government that had devoted its strength for peace on Korean Peninsula while also abiding by all UNSC resolutions and international sanctions. And speaking in terms of economic damage, a warning from the South Korean president. "Korean companies will break away from relying on Japanese semiconductor material exports and instead diversify its import partners or choose the path of localization. In the end, I warn that more damage will be done to the Japanese economy." The president added that his government's will to turn this into a blessing is firm, and that it will do all it can to resolve this diplomatially while supporting Korean firms to counteract this situation with confidence. That's all for me at this hour-- but I'll be sure to bring a more comprehensive review of the president's remarks in our later newscast. 2019-07-15
