Japan restricts key raw material exports to South Korea to appeal to WTO


South Korea said today that Japan is “politically motivated” to strictly control the export of three key raw materials, and South Korea will appeal to the World Trade Organisation.

In early July, Japan expanded the export restrictions of three chemical wafers and high-standard screens, which led to the collapse of trade and diplomacy between Seoul and Tokyo. Memory chips and high-profile screens are important products for South Korean companies such as Samsung and LG.

Japan imposed export restrictions after the South Korean court ruled that Japanese companies were required to compensate for the expropriation during the Second World War.

After that, Japan and South Korea continued their struggles, not only removing each other from the trade “white list,” but South Korea also announced the termination of the “Korean-Japanese military intelligence protection agreement.”

Yoo Myung-Hee, the Minister of Trade and Industry of South Korea’s Ministry of Industry, Trade and Resources, said at a press conference today: “Japan is restricted by the Supreme Court’s ruling on forced labor, and it is politically motivated to restrict the export of three commodities. “

“Locking South Korea… violates the WTO’s principle of prohibition of discrimination.”

Yu Mingxi said that because South Korea is a major supplier of memory chips and screens, such restrictions have brought “significant uncertainty” to the global economy.

Yu Mingxi said that South Korea will apply for bilateral consultation at the WTO as the first step to resolve the matter.

Credit : https://www.cna.com.tw/news/firstnews/201909110122.aspx

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