24 July 2024
Japan removed South Korea from its list of reliable trading partners 1

Japan removed South Korea from its list of reliable trading partners 1

The new measure, expected to take effect at the end of this month, will be a strong blow to already tense relations between the two countries.

The new measure, expected to take effect at the end of this month, will be a strong blow to already tense relations between the two countries.

The Japanese Cabinet on August 2 approved a proposal to remove South Korea from the list of trusted trading partners, a move that is considered an economic response to the disagreement related to wartime forced labor.

The Japanese Cabinet has approved a proposal to remove Korea from the `white list`. Photo: Yonhap

This predictable decision comes after Tokyo’s first move on July 4 to limit exports to Korea of three key chemicals used in the production of semiconductors and electronic displays.

The new measure will take effect 21 days after being officially announced, expected to be a strong blow to the already tense relationship between the two countries.

Tensions began after the Korean Supreme Court’s ruling, according to which Japanese companies must compensate victims of wartime forced labor.

Japan also stated that the export restrictions are not related to the issue of forced labor.

If Japan’s new decision takes effect later this month, Korea will also be removed from the white list of countries granted the right to simplify procedures for purchasing sensitive items that can be repurposed.

Under the new measure, Japanese exporters will need special licenses to export about 1,120 sensitive repurposed items to South Korea.

Although it is unclear which products will be affected, analysts say the list may include lithium-ion batteries, carbon fiber and mechanical equipment…

In a last-minute attempt to cool down disagreements, Korean Foreign Minister Kang Kyung-wha had a dialogue with her Japanese counterpart Taro Kono in Bangkok (Thailand) on August 1 on the sidelines of a forum.

After the talks, Ms. Kang warned that Seoul may reconsider its participation in the bilateral military intelligence sharing treaty with Japan if Tokyo still insists on removing Seoul from its list of trusted trading partners.

South Korea has called on Japan to withdraw economic countermeasures, saying this is unfair and goes against international trade rules.

Regarding the wartime labor issue, in June 2019, Korea proposed that companies from both countries create a common compensation fund for victims, but Tokyo immediately rejected this proposal.

South Korea has also sought America’s help in helping resolve the problem.

According to Hoang Pham

Leave a Reply

Your email address will not be published. Required fields are marked *