South Korea is looking to reduce its reliance on Japan for certain high-tech materials. The country’s economy and finance minister says the government will soon announce comprehensive measures to counter Japan’s export curbs.
Hong Nam-ki has criticized Japan for restricting supply of materials for semiconductors and other products. The export restrictions came into effect on July 4th.
Hong said, “Unfair trade restrictions on a specific country is a matter of deep concern considering the international rules on trade. It could undermine the bilateral economic cooperation between South Korea and Japan.”
Hong said South Korea will take the case to the World Trade Organization and seek the understanding of the global community.
He added the government will work with parliament on the budget to add support measures for businesses affected by Japan’s clampdown.