Wait...
  1. Home >
  2. Export Import News >
  3. Export News >
  4. South Korea steps up effort to get US help in export row with Japan >
  5. South Korea steps up effort to get US help in export row with Japan

Online Export Import Data Search

Complete Training Video : Click Here

South Korea steps up effort to get US help in export row with Japan.


Date: 12-07-2019
Subject: South Korea steps up effort to get US help in export row with Japan
South Korea's foreign minister told US Secretary of State Mike Pompeo that Japan's export curbs against Seoul are "undesirable", the Foreign Ministry said on July 11, as a trade row between the East Asian neighbours grows.

South Korea's ruling party also announced on July 11 that up to about 300 billion won ($254.8 million) would be included in a supplementary budget bill to cope with Japan's export curbs by speeding localisation of materials supplies for chips and display panels.

The ruling Democratic Party said about one-third of the proposed budget would be for supporting South Korean materials and equipment makers to commercialise their products.

Also on July 11, S&P Global Rating's Asia-Pacific chief economist Shaun Roache said the dispute was as unpredictable as the US-China trade war and was likely to affect South Korea's economic growth.

RELATED NEWS
PM Modi to meet BJP's women MPs over breakfast today
Amid political turmoil, Karnataka monsoon session to begin today
Karnataka Assembly speaker should take decision on resignation of MLAs at earliest: BJP
Japan tightened curbs last week on exports of three materials crucial for smartphone displays and chips, saying trust with South Korea had been broken in a dispute with Seoul over South Koreans forced to work for Japanese firms during World War Two.

The restrictions will affect companies such as Samsung Electronics Co Ltd and SK Hynix Inc, which supply chips to companies such as Apple Inc.

CLASH AT THE WTO

South Korea and Japan clashed at the World Trade Organization (WTO) earlier this week and Seoul is stepping up diplomatic overtures to their mutual ally, the United States, to step in. However, experts said the United States is unlikely to become a mediator in the dispute.

South Korean Foreign Minister Kang Kyung-wha told Pompeo in a phone call late on July 10 that Japan's trade restrictions may not only cause damage to South Korean companies but could also disrupt the global supply chain and hurt US firms.

Kang "expressed concern that this is undesirable in terms of friendly relations between South Korea and Japan and trilateral cooperation among South Korea, the US and Japan", the ministry said. Seoul hoped Tokyo would withdraw the curbs and that the situation would not deteriorate further, it said.

Pompeo said he understood and both men agreed to continue to cooperate and to strengthen communication between the three sides, the Foreign Ministry said in a statement.

Kim Hyun-chong, deputy chief of South Korea's National Security Office, arrived in Washington on Wednesday and told reporters he was there to meet officials from the White House and Congress to discuss issues that included Japan's export curbs.

DOUBT ON MEDIATION

A former Japanese ambassador to the United States, Ichiro Fujisaki, told Reuters on Wednesday "I don't think we need the United States to mediate, just like Japan would not mediate US-Mexico ties or US-Canada relations."

"This is an issue to be solved between Japan and South Korea," Fujisaki said.

New US Assistant Secretary of State for East Asian and Pacific Affairs David Stilwell is visiting Asia until July 21, including stops in Japan and South Korea, to work on a shared vision for the Indo-Pacific region, the State Department said in a statement.

It did not say whether the Japan-South Korea dispute would be discussed.

Sheila Smith, senior fellow for Japan studies at the Council on Foreign Relations, said it may be too early for Stilwell to assess what the United States could do to help.

"He is likely to begin with what I would call deep listening," she said.

Shares in South Korean chip giants rose for a third day on Thursday on expectations that Japanese export curbs may ease a supply glut of South Korean memory chips.

At 0345 GMT, Samsung Electronics gained 2.1% and SK Hynix was up 3%, outperforming the broader market's 1.2% rise.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 19-09-2019



Date: 17-09-2019
Notification No. 30/2019-Customs
Seeks to amend notification No. 50/2017-Customs dated 30.06.2017 to reduce basic customs duty on Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

Date: 14-09-2019
NOTIFICATION No. 37/2019-Customs (ADD)
Seeks to impose the definitive anti-dumping duty on the imports of "Electrical Insulators" originating in, or/and exported from China PR.

Date: 14-09-2019
NOTIFICATION No. 36/2019-Customs (ADD)
Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015.

Date: 13-09-2019
Notification No. 64/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 13-09-2019
Public Notice No. 33/2015-2020
Annexure I to Appendix 2A revised.

Date: 13-09-2019
PUBLIC NOTICE NO. 32/2015-2020
Enlistment under Appendix 2E of M/s Expo Overseas Entrepreneurs Association (EOEA) Indore Madhya Pradesh- Authorized to issue Certificate of Origin (Non-Preferential)- reg.

Date: 13-09-2019
Notification No. 65/ 2019-Customs (N.T.)
Amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997 so as to include Barhi, Distt Sonepat, Haryana

Date: 13-09-2019
Circular No. 31/2019-Customs
Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

Date: 12-09-2019
Notification No. 43/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI -reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001