S. Korea repeats calls on Japan to retract export restrictions

South Korea has once again called on Japan to retract its export restrictions on the country.... as Tokyo's move will not only weaken global economy, but also erode international trust in Japan itself.Our Kim Da-mi starts us off.South Korea has once again called on Japan to retract its latest export restrictions... and urged Tokyo to engage in dialogue over the issue.During an economic meeting on Wednesday morning, South Korea's finance minister, Hong Nam-ki,... said Tokyo's export curbs could undermine the foundation of the two sides' economic cooperation."We are concerned that the Japanese move could further weaken a global value chain beyond the two countries, which in turn could damage global economic growth."The minister also expressed concerns over Japan's unfair export restrictions targeting a specific country,... and underscored South Korea-Japan's long economic ties.Hong then said... Japan's latest move could hurt its level of trust, in the eyes of the international community.Calling Japan the biggest beneficiary of the World Trade Organization,... Hong referred to the G20 Osaka Leaders' Declaration back in June,... that called for a free, fair, non-discriminatory and stable trade environment.Seoul's trade minister Sung Yun-mo urged his Japanese counterpart Hiroshige Seko to maintain and promote free and fair trade.In a Facebook post on Tuesday,... Sung openly refuted Seko's remarks that Japan's export curbs are intended to be a precautionary measure,... not a retaliation against last year's forced labor ruling by South Korea's Supreme Court.Earlier on Monday, the Japanese minister denounced South Korean President Moon Jae-in's remarks the previous day... that Japan will suffer greater economic damage should their trade stand-off continue.While criticizing Japan for its lack of clear grounds regarding its export curbs,... the South Korean minister commented that he is ready to hold talks with his Japanese counterpart at anytime.To cope with the economic retaliation,... the Seoul government said it will secure an extra budget to support industries related to parts and materials in the second half of the year.Seoul is also expected to announce its plans to boost industrial competitiveness... and reduce its heavy reliance on Japan... in the coming weeks.KIM Da-mi, Arirang News.