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South Korean Minister of Trade, Industry, and Energy Sung Yun-mo addresses Japan’s economic retaliatory measures at the Korea Trade Insurance Corporation in Seoul on July 1. (Yonhap News)
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Trade minister announces response in meeting on Tokyo’s export controls
The South Korean government has decided to respond to Japan’s plan to impose export controls by taking the necessary measures, including lodging a complaint with the World Trade Organization (WTO). South Korean Minister of Trade, Industry, and Energy Sung Yun-mo announced this during his opening remarks at a meeting assessing the export situation, held at the Korea Trade Insurance Corporation in Seoul on July 1. “During a meeting this morning with the relevant ministers, we carefully reviewed the situation and our action plan. We will be taking the necessary measures moving forward, including filing a complaint with the WTO, in accordance with domestic and international law,” Sung said. “The measures to restrict exports are not only prohibited in principle by WTO agreements, but they also run counter to the spirit of the declaration reached in the G20 summit hosted by Japan last week in which the participating countries said they would ‘strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open.’” By Kim Jin-cheol, staff reporter Please direct comments or questions to [english@hani.co.kr]
