Japan Says S. Korea Failed to Explain Reason for New Trade Restrictions
Tuesday, 13 August 2019 17:44 WIB | GLOBAL |Global

Japan says it does not understand why it has been removed from South Korea's list of trusted trade partners, the latest move in an escalating trade dispute between the Asian neighbors.

Seoul announced Monday that it had moved Tokyo to a new category that brings more restrictions on exports of sensitive goods. Trade Minister Sung Yun-mo said the new category was for countries that have managed their export controls in a way that violates international norms.

Japanese Trade Minister Hiroshige Seko said on Twitter Tuesday that South Korea has not adequately explained how Japan does not conform to the global export standards. 

The move is the latest in a back-and-forth trade dispute between the two countries which has included Japan dropping South Korea from its own list of preferred trading partners.

Tokyo insists its trade decisions were motivated by national security concerns, while the moves are widely seen as retaliation for recent South Korean court rulings ordering Japanese companies to compensate Koreans who were forced to work during Japan's colonial occupation of Korea.

A trade war between Japan and South Korea, the world's third and 11th largest economies, respectively, would have wide-ranging ramifications.

It could threaten global technology supply chains, since South Korea produces 70 percent of the world's memory chips.

The change is due to go into effect in September. Once it does, South Korean companies wanting to send sensitive goods to Japan will have to go through an approvals process that takes up to 15 days, up from about five days under the current system.

Japan's new policy begins August 28 at which time Japanese companies will need to seek case-by-case approval from the country's trade ministry before shipping certain products to South Korea.

Source : VOA

RELATED NEWS

China Announces Sanctions Against US Lawmakers Over Uighur Issue
Tuesday, 14 July 2020 00:07 WIB

China has imposed sanctions on three U.S. lawmakers in retaliation for Trump administration's sanctions imposed over Beijing's treatment of Uighur Muslims in Xinjiang province. Chinese Foreign ministry spokesman Hua Chunying announced sanctions Monday against Republican Senators Ted Cruz and Marco ...

Florida Reports New Record With Over 15,000 New Coronavirus Cases
Monday, 13 July 2020 09:48 WIB

The U.S. state of Florida set a new record, reporting over 15,000 new confirmed cases of COVID-19 in one day Sunday. The number by far beat previous records of single-day increases in a U.S. state. The previous record was seen in California on Wednesday when the state recorded 11,694 new cases. Fl...

Seoul Mayor Found Dead Friday; Suicide Suspected
Friday, 10 July 2020 23:43 WIB

South Korean police say Seoul Mayor Park Won-soon was found dead early Friday, a suspected suicide. The body of 64-year-old Park was found near an entrance at the mountain Bugaksan in Seoul after just midnight, several hours after he had been reported missing Thursday. The day before, Park's forme...

North Korea Says It's Not Interested in Another Trump-Kim Summit
Friday, 10 July 2020 17:50 WIB

North Korea says the chances are low for another summit with the United States, after President Donald Trump this week said he is open to meeting again with North Korean leader Kim Jong Un. Kim Yo Jong, the sister of Kim Jong Un, said another summit would "not be useful to us" unless the U.S. chang...

WHO Launches Independent Pandemic Response Evaluation Panel
Friday, 10 July 2020 10:45 WIB

The World Health Organization Thursday named former New Zealand Prime Minister Helen Clark and former Liberian President Ellen Johnson Sirleaf to lead an independent panel to evaluate the agency™s response to the COVID-19 pandemic.  Speaking to a briefing of member states from WHO headquarte...

ANOTHER NEWS
Gold Steadies Amid U.S.-China Tensions, WHO's Warning
Tuesday, 14 July 2020 09:31 WIB Spot gold was steady as investors weighed fresh tensions between the U.S. and China, this time over territorial claims, and the economic damage caused by the pandemic. The Trump administration rejected China™s expansive maritime...

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.