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Moon Warns Trade Retaliation Will Boomerang Back to Japan

Write: 2019-07-15 16:18:10Update: 2019-07-15 17:17:09

Moon Warns Trade Retaliation Will Boomerang Back to Japan

Photo : YONHAP News

Anchor: President Moon Jae-in has sent a message to Japan warning its trade restrictions against South Korean tech giants will only boomerang back to the Japanese economy. He said Japan must come to the dialogue table. 
Kim Bum-soo has more. 

Report: President Moon Jae-in says Japan's trade restrictions will boomerang back to its economy.

[Sound bite: President Moon Jae-in (Korean)]
"[Japan's trade restrictions] will break trust in the division of the production system with Japan and make Korean companies stop relying on Japanese parts and materials, and diversify import channels or establish a home production base of [such parts and materials.] I warn that this will bring more damage to the Japanese economy."   

During a meeting with his key aides at the top office on Monday, the South Korean president addressed Japan's export restrictions lined up against South Korean tech giants.

Moon said the government will use the current trade dispute as an opportunity to improve the constitution of the Korean economy. 

[Sound bite: President Moon Jae-in (Korean)] 
"The government will do all it can to diplomatically solve the problem. In the meantime, we will provide all necessary support to companies to confidently cope with the situation. The government will spur efforts for improving the structure of the economy, which it has pursued anyways."      

Japan introduced its export curbs earlier this month in an apparent retaliation to the South Korean Supreme Court decision that ordered Japanese companies to pay reparations to the Korean victims of wartime forced labor. 

[Sound bite: President Moon Jae-in (Korean)]
"I would like to point out that it is very unwise for Japan to make an unprecedented link between [colonial] past issues and the economy as it goes against the history of improving relations between the two countries."

Three high-tech chemical products essential to manufacturing semiconductors and smartphones are now subject to Japan's toughened export restrictions.

In addition, Japan is planning on excluding South Korea from its "whitelist" of countries on national security grounds. The measure will require South Korean firms to seek export licenses for a wider range of technologies.

In a report submitted to the National Assembly on Monday, the Ministry of Trade, Industry and Energy said Seoul and the corporate sector will join efforts to actively counter Tokyo's process to review related legislative revisions.
Kim Bum-soo, KBS World Radio News.

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