Trade minister returns from US over Japan's trade curbs
South Korean Trade Minister Yoo Myung-hee, right, met U.S. Commerce Secretary Wilbur Ross at Washington D.C., July 25. Courtesy of the Ministry of Trade, Industry and Energy
Trade Minister Yoo Myung-hee returned home from the United States, Saturday, after asking for Washington's support and mediation in Seoul's dispute over export controls imposed by Japan.
During her five-day visit, Yoo met with various political and business officials in Washington, including U.S. Commerce Secretary Wilbur Ross, to argue that Tokyo's restrictions were unacceptable.
Starting this month, Japan implemented strict regulations on the export to South Korean companies of three key resource materials for the production of semiconductors and displays, two major export products for Asia's fourth-largest economy.
"Ross acknowledged that Japan's export curbs could have a negative impact on U.S. industries," Yoo told reporters after arriving at Incheon International Airport. "We told U.S. officials that Japan's trade curbs could disrupt global supply chains."
According to Yoo, Ross said the U.S. will consider taking a role if it sees a need to intervene regarding the trade measures.
Yoo said the U.S. information technology industry was also concerned about the export restrictions. Six U.S. business groups, including the Semiconductor Industry Association (SIA), are reportedly set to deliver letters to the U.S. government to look into the issue, according to industry sources.
Yoo plans to highlight Japan's economic measures and seek other nations' support at a ministerial meeting at the Regional Comprehensive Economic Partnership (RCEP) that starts next Friday in China. (Yonhap)