S. Korea's ruling party, top office vow all out measures to mimimize fallout from Japan's trade curbs

With no sign of a let up in the trade tensions between South Korea and Japan over Tokyo's export curbs on Seoul,... senior members of South Korea's ruling party and the presidential office held emergency talks on Tuesday.They pledged to stay in close contact, prepare for all possible scenarios and offer a helping hand to local firms that will be impacted by Tokyo's actions.Kim Min-ji has our top story.The ruling Democratic Party and the presidential office have vowed to deploy all possible means to counter Japan's trade retaliation against South Korea.Following a closed-door meeting on Tuesday,... the two sides agreed to first and foremost minimize the fallout on local firms."In order to minimize the damage on Korean firms, we will support all possible means to find alternative import partners and support the firms' efforts to find solutions. We also seek to turn this into an opportunity to develop the dynamics of the economy and boost industrial competitiveness."Earlier this month... Tokyo restricted exports to Seoul of three high-tech materials that are used in the manufacturing of semiconductors and display panels.The two sides said they see the latest move is seen as retaliation against Seoul's court ruling that Tokyo must compensate victims of its wartime forced labor and Japan's stepping up guard against Seoul's economic growth... as well as changing dynamics in Northeast Asia on the back of improving inter-Korean relations."We are preparing for all possible scenarios... keeping in mind the situation can persist. If Japan decides to take further measures, it will not be a desirable move for the future of Seoul-Tokyo relations. We will also step up efforts on all fronts,... including boosting diplomatic negotiations not just with Japan, but other neighboring countries as well."The two sides vowed to step up cooperation and communication... to keep close tabs on the situation and share any developments.They added that related government ministries are working on measures to boost industrial competiveness and support local firms... saying a comprehensive plan will be unveiled in late July or early August.Kim Min-ji, Arirang News.