S. Korea's finance chief urges Japan to scrap export tech-related curbs

홍남기 부총리 “일 수출제한, 글로벌 경제 부정적…철회해야”An economy-related ministers' meeting was held in Seoul this morning to discuss a range of issues affecting South Korea, including measures in response to Japan's new export regulations.Kim Hyesung reports.At a meeting with economy-related ministers on Monday, finance minister Hong Nam-ki again urged Japan to scrap export tech-related curbs on South Korea."Japan's export restriction measures run counter to the principles of the WTO agreement. The measures will not only negatively affect South Korean companies, but are also a concern for Japanese companies and the whole global economy."His repeated calls for Tokyo to lift the export restrictions come after Japan's restrictions on exporting high-tech materials, namely fluorine polyimide, photoresist and etching gas, to South Korea went into effect last Thursday.Korean companies use the three materials to produce chips and display panels which are used to supply other global companies like Apple and Sony...meaning Japan's export restrictions could have a ripple effect through the whole global supply chain.Minister Hong said the government will work closely with Korean companies to minimize losses and work with other countries in the global community, adding that the APEC summit and IMF annual meeting are scheduled for the latter half of this year.At the meeting, he also identified the U.S.-China trade spat and Brexit as key external risks and vowed to keep monitoring developments, adding that while U.S.-China tensions have eased with the two sides agreeing to resume trade negotiations, uncertainty and its effect on the high-tech industry remains high.In addition, he said South Korea is working on diversifying its trading partners, including establishing a bilateral free trade agreement with Malaysia... and will also help local companies win more overseas infrastructure projects.Kim Hyesung, Arirang News.