Japan, South Korea advance in trade ahead of summit

Japan, South Korea advance in trade ahead of summit

South Korean President Yoon Suk Yeol and his wife Kim Keon Hee arrive at Haneda International Airport in Tokyo, Thursday, March 16, 2023. Yoon and Japanese Prime Minister Fumio Kishida are trying to settle differences and rebuild economic ties and security at their meeting on Thursday. the first summit between the two countries in over a decade. (Yuya Shino/Kyodo News via AP)

TOKYO (AP) — Japan and South Korea have agreed on steps to resolve a trade dispute, one of several disagreements the leaders of the two countries were trying to resolve at a much-anticipated summit on Thursday. .

Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol were due to meet later in Tokyo to try to settle differences over their history and quickly rebuild their countries’ economic and security ties. A North Korean missile launch and encounters between Chinese and Japanese ships in disputed waters earlier today showed what was at stake.

South Korean Commerce Minister Lee Chang-yang said after negotiations this week, Japan agreed to lift export controls on South Korea, which will withdraw its complaint to the Organization. world trade when the restrictions are lifted.

For its part, Japan’s Ministry of Economy, Trade and Industry admitted progress on export controls and said Japan would respond to Seoul’s decision to withdraw its WTO complaint by removing restrictions against South Korea and restoring the country to where it was before July 2019.

Countries will continue to talk about restoring its preferred trading partner status after downgrading in 2019, Lee’s ministry said.

Japan’s export controls affected materials used in semiconductors and organic light-emitting diode (OLED) displays used in televisions and cell phones.

The two countries, which have often clashed over their interpretation of history, are trying to form a united front with their mutual ally the United States, driven by their shared concern over the war between North Korea and a more powerful China. . Its summit stands as Northeast Asia is divided into blocks.


Associated Press writers Hyung-jin Kim and Kim Tong-hyung of Seoul, South Korea contributed to this report.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.For tips or news submission: mega.glcup@gmail.com