Export restrictions will affect Japanese companies and world economy in long run: Kim Sang-jo
Arirang News
2019-07-05
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It may be a case of... be careful what you wish for.
President Moon Jae-in's chief of staff for policy says the latest exports restrictions by Japan may cause enormous short term damage to South Korea,... but will ultimately affect Japanese companies as well.
He adds that, in the longer run,.. Tokyo's export restrictions will also impact the world economy.
Lee Seung-jae reports.
In an interview with local broadcaster JTBC on Thursday,... Kim Sang-jo,... the presidential chief of staff for policy said Tokyo's export restrictions on semiconductor and display materials to Seoul will not only affect South Korean companies,... but cause a major disruption for their U.S. and European counterparts,... as well as Japanese firms.
The remarks come amid Seoul's strong response to Tokyo's restrictions,... as Kim delivered a message that they could harm the global economy as a whole.
Kim used the example of DRAM memory semiconductors,... which two Korean companies account for about 70-percent of the world's production.
He added that, if the restrictions are prolonged,... there would be considerable economic damage spreading far beyond the region.
However,... Tokyo's latest actions is something he said he expected.
Kim said it's no surprise Japan would target products that cannot be produced domestically and are exclusively supplied by Japan.
He added Seoul had been preparing since last year,... when there were various indications it would come after Seoul's Supreme Court compensation ruling in favor of South Koreans forced to work by certain Japanese firms during World War II.
Japan's Kyodo News Agency reported Thursday that Japanese Prime Shinzo Abe called on South Korea to "act in accordance with the international norms of international law",... adding "the ball is in South Korea's court".
Abe's remarks seem to acknowledge that his government's measures came in response to the Supreme Court ruling.
Despite Seoul's plans to file a complaint to the World Trade Organization,... Abe denies the restrictions violate WTO agreements.
Lee Seung-jae, Arirang News.
President Moon Jae-in's chief of staff for policy says the latest exports restrictions by Japan may cause enormous short term damage to South Korea,... but will ultimately affect Japanese companies as well.
He adds that, in the longer run,.. Tokyo's export restrictions will also impact the world economy.
Lee Seung-jae reports.
In an interview with local broadcaster JTBC on Thursday,... Kim Sang-jo,... the presidential chief of staff for policy said Tokyo's export restrictions on semiconductor and display materials to Seoul will not only affect South Korean companies,... but cause a major disruption for their U.S. and European counterparts,... as well as Japanese firms.
The remarks come amid Seoul's strong response to Tokyo's restrictions,... as Kim delivered a message that they could harm the global economy as a whole.
Kim used the example of DRAM memory semiconductors,... which two Korean companies account for about 70-percent of the world's production.
He added that, if the restrictions are prolonged,... there would be considerable economic damage spreading far beyond the region.
However,... Tokyo's latest actions is something he said he expected.
Kim said it's no surprise Japan would target products that cannot be produced domestically and are exclusively supplied by Japan.
He added Seoul had been preparing since last year,... when there were various indications it would come after Seoul's Supreme Court compensation ruling in favor of South Koreans forced to work by certain Japanese firms during World War II.
Japan's Kyodo News Agency reported Thursday that Japanese Prime Shinzo Abe called on South Korea to "act in accordance with the international norms of international law",... adding "the ball is in South Korea's court".
Abe's remarks seem to acknowledge that his government's measures came in response to the Supreme Court ruling.
Despite Seoul's plans to file a complaint to the World Trade Organization,... Abe denies the restrictions violate WTO agreements.
Lee Seung-jae, Arirang News.
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