Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\nIt wasn’t immediately clear how South Korea’s tightened\nexport controls would impact bilateral trade. Seoul said some South Korean\ncompanies exporting to Japan will be able to receive exceptions from\ncase-by-case inspections that are normally applied on sensitive shipments to\nnations with lower trade status and go through the same fast-track approval\nprocess that they currently enjoy.<\/p>\n\n\n\n
Masahisa Sato, Japan’s vice minister for foreign affairs,\nsaid he believes the impact of Seoul’s move would likely be limited as Japan\ndoesn’t import much sensitive materials from South Korea.<\/p>\n\n\n\n
Japan provided similar exceptions while removing South Korea\nas a favored trade partner, which eased some of the fears in Seoul about a\npossible blow to its export-dependent economy, where many manufacturers heavily\nrely on parts and materials imported from Japan.<\/p>\n\n\n\n
After spending weeks berating Tokyo for allegedly weaponizing trade and vowing retaliation, South Korean President Moon Jae-in struck a more conciliatory tone saying that his government will refrain from “emotional” reactions to Japan over the Trade List.<\/p>\n\n\n\n
“While maintaining unwavering resolve and calmness, we\nneed a long-term approach to look for fundamental countermeasures,” Moon\nsaid in a meeting with senior aides.<\/p>\n\n\n\n
South Korea’s trade minister, Sung Yun-mo, said Seoul\ndecided to remove Japan from a 29-member “white list” of countries\nthat enjoy minimum restrictions in trade because it has failed to uphold\ninternational principles while managing its export controls on sensitive\nmaterials. Sung and other South Korean officials did not specify what they saw\nas Tokyo’s problems in export controls.<\/p>\n\n\n\n
Sato said South Korea would be violating World Trade\nOrganization rules if it was retaliating against Japan’s earlier measures. Park\nTae-sung, a South Korean trade official, said that South Korea is making a\nlegitimate effort under domestic and international laws to improve its export\ncontrols.<\/p>\n\n\n\n
South Korea currently divides its trade partners into two\ngroups while managing the exports of sensitive materials that can be used both\nfor civilian and military purposes. Seoul will create a new in-between bracket\nwhere it plans to place only Japan, which “in principle” will receive\nthe same treatment as the non-favored nations in what’s now the second group,\nSung said.<\/p>\n\n\n\n
South Korea’s government currently requires companies to go\nthrough case-by-case approvals to export sensitive items to non-favored\nnations, which typically take 15 days. However, Seoul also plans to grant\nexceptions to South Korean companies exporting to Japanese partners under\nlong-term deals and allow them to continue using a fast-track approval process\nthat takes about five days.<\/p>\n\n\n\n
South Korean officials didn’t clearly explain why they\ncreated a special bracket for Japan instead of grouping it with other\nnon-favored nations. They said Seoul will work to minimize negative impact on\nSouth Korean exporters and bilateral trade.<\/p>\n\n\n\n
Sung said the changes are expected to enter effect sometime\nin September, following a 20-day period for gathering public opinion on the\nissue and further regulatory and legal reviews. He said Seoul is willing to\naccept any request by Tokyo for consultation over the issue during the\nopinion-gathering period, but officials didn’t say whether Seoul’s decision\nwill be negotiable.<\/p>\n\n\n\n
South Korea’s announcement came weeks after Japan’s Cabinet\napproved the removal from South Korea from a list of countries with\npreferential trade status, citing an erosion of trust and unspecified security\nconcerns surrounding Seoul’s export controls.<\/p>\n\n\n\n
Seoul says Tokyo is using trade to retaliate over South\nKorean court rulings that called for Japanese companies to compensate aging\nSouth Korean plaintiffs for forced labor during World War II and plans to file\na complaint with the WTO.<\/p>\n\n\n\n
Japan’s move came weeks after it imposed stricter controls\non certain technology exports to South Korean companies that rely on Japanese\nmaterials to produce semiconductors and displays for TVs and smartphones, which\nare key South Korean export items.<\/p>\n","protected":false},"excerpt":{"rendered":"
South Korea has decided to remove Japan from a list of nations receiving preferential treatment in trade in what was seen as a tit-for-tat move following Tokyo’s recent decision to downgrade Seoul’s trade status amid a diplomatic row. Daily Current Affairs Quiz 2019 It wasn’t immediately clear how South Korea’s tightened export controls would impact […]<\/p>\n","protected":false},"author":13,"featured_media":4749,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[444],"class_list":["post-4748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-trade-list"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=4748"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4748\/revisions"}],"predecessor-version":[{"id":4750,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4748\/revisions\/4750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/4749"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=4748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=4748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=4748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}