South Korea to restore Japan’s trade status to improve ties

SEOUL, South Korea (AP) — South Korean President Yoon Suk Yeol said Tuesday his government will move to restore Japan’s preferential trade status as he pushes to resolve history and trade disputes with Japan despite domestic opposition.

In lengthy, televised comments during a Cabinet Council meeting, Yoon defended his moves, saying that leaving ties with Japan as fraught as they are would be neglecting his duty because greater bilateral cooperation is vital to resolve diverse challenges facing Seoul.

“I thought it would be like neglecting my duty as president if I had also incited hostile nationalism and anti-Japan sentiments to use them for domestic politics while leaving behind the current, grave international political situation,” Yoon said.

He said the need to boost ties with Japan has grown because of North Korea’s advancing nuclear program, the intensifying U.S.-China strategic rivalry and global supply chain challenges.

South Korea and Japan have deep economic and cultural ties and are both key U.S. allies that together host about 80,000 U.S. troops. But their relations have often fluctuated mainly due to issues stemming from Japan’s 1910-45 colonial rule of the Korean Peninsula.

At the center of the recent impasse was the 2018 South Korean court rulings that ordered two Japanese companies to compensate some of their former Korean employees for forced labor during Japanese rule. Japan refused to accept the rulings, saying all compensation issues had already been settled when the two countries normalized ties in 1965.

The history disputes spilled over to other issues, with the two countries downgrading each other’s trade status. Japan also tightened controls on exports to South Korea, while Seoul threatened to terminate a military intelligence-sharing pact with Tokyo.

After months of negotiations with Japan, Yoon’s government earlier this month announced it would use local funds to compensate the forced laborer victims involved in the 2018 lawsuits without requiring contributions from the Japanese companies.

Last week, Yoon traveled to Tokyo for a summit with Japanese Prime Minister Fumio Kishida, during which they agreed to resume regular visits and launch high-level economic security talks.

Ahead of the summit, the South Korean government said Japan had agreed to lift export restrictions on materials needed for key South Korean export items like semiconductors and smartphones, and that South Korea would also withdraw its complaint to the World Trade Organization once the curbs are removed. They said the two countries would continue talks on restoring each other’s trade status as well.

The conservative Yoon’s push has triggered protests from some of the forced labor victims and liberal opposition politicians, who have demanded direct compensation from the Japanese companies and a direct apology from Tokyo over the forced labor. A public survey suggested about 60% of Koreans opposed Yoon’s measures to resolve the forced labor issue.

In his Cabinet Council remarks, Yoon said he will order his trade minister to begin taking legal steps necessary to restore Japan on a “whitelist” of nations receiving preferential fast-track trade status.

He said both South Korea and Japan must remove obstacles that hinder the improvement of bilateral ties. “If South Korea preemptively eliminates obstacles, Japan will surely reciprocate,” he said.

Yoon said his government will also strive to help heal the pains of the forced labor victims and their relatives. But he said there are still those in South Korea who attempt to increase their political gains by “shouting exclusive nationalism and anti-Japan (slogans).”

The main liberal opposition Democratic Party responded that Yoon’s condemnation of his critics cannot justify his Japan diplomacy that it said hurt South Korea’s national pride and interests. Spokesperson Ahn Ho-young said Yoon must apologize and withdraw his third-party reimbursement plan for the forced labor victims.

___

Find more AP Asia-Pacific coverage at https://apnews.com/hub/asia-pacific

Read More
Hyung-jin Kim

Latest

8 UNESCO-listed rock-cut religious sites you should visit at least once

8 UNESCO-listed rock-cut religious sites you should visit at least once For centuries, communities have carved places of worship, monasteries, shrines and monumental sculptures into cliffs and hillsides. Today, these rock-... 1/8 Ajanta Caves, Maharashtra, India | A UNESCO World Heritage Site since 1983, the Ajanta Caves comprise 30 rock-cut Buddhist monuments dating from the

Top Cryptos Other Than Bitcoin and Ethereum Poised to Benefit From the CLARITY Act

The upcoming CLARITY Act is widely expected to reshape the U.S. crypto market by providing regulatory clarity for digital assets. While Bitcoin (BTC) and Ethereum (ETH) are likely to remain the primary institutional beneficiaries, several altcoins could also gain from increased institutional participation. From cryptos with active ETF ambitions to blockchain ecosystems powering tokenization and

ONDO Price Eyes $0.665 After Breakout and Major SBI Tokenization Deal

You are here: Home / Cryptocurrency News / ONDO Price Eyes $0.665 After Breakout and Major SBI Tokenization Deal Ondo Finance (ONDO) is gaining bullish momentum after confirming a breakout from its downtrend, with analysts watching for continued strength for the ONDO price. Meanwhile, its partnership with Japan’s SBI Group advances real-world asset tokenization and

Payroll Tax Obligations for Small Businesses

As a small business owner, you face various payroll tax obligations that can impact your bottom line. Comprehending what constitutes payroll taxes, the responsibilities you have as an employer, and the deadlines for payments is fundamental. From FICA contributions to unemployment taxes, managing these requirements accurately is vital. Failure to comply could lead to penalties

Newsletter

Don't miss

8 UNESCO-listed rock-cut religious sites you should visit at least once

8 UNESCO-listed rock-cut religious sites you should visit at least once For centuries, communities have carved places of worship, monasteries, shrines and monumental sculptures into cliffs and hillsides. Today, these rock-... 1/8 Ajanta Caves, Maharashtra, India | A UNESCO World Heritage Site since 1983, the Ajanta Caves comprise 30 rock-cut Buddhist monuments dating from the

Top Cryptos Other Than Bitcoin and Ethereum Poised to Benefit From the CLARITY Act

The upcoming CLARITY Act is widely expected to reshape the U.S. crypto market by providing regulatory clarity for digital assets. While Bitcoin (BTC) and Ethereum (ETH) are likely to remain the primary institutional beneficiaries, several altcoins could also gain from increased institutional participation. From cryptos with active ETF ambitions to blockchain ecosystems powering tokenization and

ONDO Price Eyes $0.665 After Breakout and Major SBI Tokenization Deal

You are here: Home / Cryptocurrency News / ONDO Price Eyes $0.665 After Breakout and Major SBI Tokenization Deal Ondo Finance (ONDO) is gaining bullish momentum after confirming a breakout from its downtrend, with analysts watching for continued strength for the ONDO price. Meanwhile, its partnership with Japan’s SBI Group advances real-world asset tokenization and

Payroll Tax Obligations for Small Businesses

As a small business owner, you face various payroll tax obligations that can impact your bottom line. Comprehending what constitutes payroll taxes, the responsibilities you have as an employer, and the deadlines for payments is fundamental. From FICA contributions to unemployment taxes, managing these requirements accurately is vital. Failure to comply could lead to penalties

5 Proven Strategies for Ecommerce Customer Acquisition

If you’re looking to boost customer acquisition for your eCommerce business, you need a clear plan. Start by leveraging targeted paid ads to connect with users ready to buy. Don’t overlook SEO, as it enhances your organic visibility. Consider email marketing with segmented lists for more personalized outreach. Collaborate with influencers to reach niche audiences

Want Your Business to Be Seen Everywhere? Meet Tonia Ryan, Creator of Fix Your Search

Some people are good at their jobs. Then there is Tonia Ryan, who has turned “getting found online” into something close to magic. She is the creator of Fix Your Search, and if you have ever wondered why some businesses pop up everywhere while others seem invisible...

Grey Business processes $61 million as stablecoins dominate payments

Grey Business enables startups and SMEs to open US Dollar (USD) corporate accounts, send and receive international payments, convert currencies, and transact using stablecoins such as USDC and USDT...

Utah Marketers to Host Free Business Networking Event in Layton on June 24

The custom web design company is hosting free monthly networking events for Northern Utah business leaders, with the next event scheduled for June 24 from 4 to 6 p.m. Utah Marketers is hosting a free local business networking event on June 24 from 4 to 6 p.m. at the company’s Layton office. The event is