We start with the latest salvo in the increasingly bitter trade spat between South Korea and Japan.
South Korea's revised export and import measures for strategic materials to and from Japan are now in effect.
Seoul says the changes are NOT in retaliation to Japan's export curbs on South Korea, but are merely steps to improve its export management systems.
Hong Yoo with the details.
South Korea's trade ministry has revised its export and import measures for strategic materials to better control exports to countries that violate global export control systems.
The most prominent change in the recent revision is the classification change of export partners into group A1, group A2, and group B.
Japan for instance has been placed in group A2, meaning that it will face tighter export controls like those in group B.
This means that local companies shipping strategic materials to Japan or other countries listed in group A2 will have to submit five different documents instead of three for individual items.
The approval process that used to take 5 days will now take 15 days in addition to a separate approval regarding every export.
The revised measures can, however, affect around 100 local companies.
To minimize the impact, the South Korean government promised to ensure transparent monitoring of exports and provide customized counseling for affected companies.
Another concern is that adopting such export curbs could backfire on Seoul especially when it filed a complaint against Tokyo's trade restrictions to the World Trade Organization.
But the ministry's Director General for International Trade Policy, Lee Ho-hyeon, says there is nothing to worry about.
"Our revision was based on evaluations of export control systems that go against international export control agreements, but Tokyo's export curbs were politically motivated. We have enough evidence to prove that."
So far, Japan hasn't made any requests for talks.
But the South Korean government has emphasized that even after the revision of export and import measures for strategic materials, they are ready for talks with Japan to resolve the trade dispute between the two countries.
Hong Yoo, Arirang News.
