South Korea plans to exclude Japan from its own whitelist in response to Tokyo’s decision on Friday to remove as a preferred trading partner, as bilateral relations have slumped to the lowest levels since normalizing diplomatic ties in 1965.“The government will resolutely take corresponding measures against Japan’s unjust economic retribution. ... As we have warned earlier, if (Japan) intentionally hits our economy, it must be prepared for greater damages,” President Moon

Industry Aug. 2, 2019

Japan resolved on Friday to remove South Korea from a “whitelist” of 27 countries that receive preferential trade treatment. Japanese Prime Minister Shinzo Abe convened a Cabinet meeting the same day to decide whether to revise the Export Trade Control Order and remove Korea from its list of trusted trading partners.The revised order will be signed by Minister of Economy, Trade and Industry Hiroshige Seko and co-signed by Abe. Seko said the revision would take effect Aug. 28.As of th

Industry Aug. 2, 2019

South Korean midsized steel companies may face setbacks in the wake of the US move to raise anti-dumping duties on imported oil pipelines, amid global trade uncertainties and price surges in raw materials. According to the steel industry on Wednesday, the US Department of Commerce has imposed anti-dumping tariffs of 38.87 percent on local steel firm Nexteel and 22.7 percent on Seahsteel, effective June 14 for one year. As for other steel companies, the tariff rate was set at 29.89 perc

Industry July 31, 2019

With just a couple of days remaining for Japan’s decision on removing South Korea from its whitelist of trusted trade partners, the Seoul government and businesses are ratcheting up efforts to protect industries that could be potentially hit by the move.The chances are high that Japan could remove Korea from a whitelist of 27 countries that receive preferential trade treatment after Cabinet approval on Friday. If Korea is removed from the whitelist, domestic companies need to get separate

Industry July 30, 2019

South Korea faces economic disruption as Japan moves to tighten export curbs on materials necessary for local tech frms, along with fresh objections raised by the US that could hurt the domestic agricultural sector.Japan is likely to remove Korea from a whitelist of 27 countries that receive preferential treatment in trade after a Cabinet meeting Friday, major Japanese media outlets reported Monday. Tokyo gathered public opinion on its decision to remove Korea from the whitelist last week. A maj

Industry July 29, 2019

Trade Minister Yoo Myung-hee warned that Tokyo’s trade measures will set a “risky precedent” while seeking cooperation from US politicians, think tanks and trade organizations over Japan’s export restrictions, the ministry said Friday.During her visit to the US from Tuesday to Thursday, the trade minister met with US politicians, including Commerce Secretary Wilbur Ross, Foreign Affairs Chairman Eliot Engel and Texas Congressman Michael McCaul, as well as think tanks, inc

Industry July 26, 2019

Amid the ongoing tensions following export curbs by Japan on hi-tech exports to South Korea, the American Chamber of Commerce in Korea on Thursday expressed concerns that it could have a negative impact on global trade.“AmCham is committed to free and fair trade worldwide. The tightening of export controls on critical materials to Korea will have damaging effects on bilateral trade and also have negative implications globally,” the organization said in a statement. It added that

Industry July 25, 2019

South Korea is slated to participate in the 27th official negotiations this week to discuss the implementation of an Asia-Pacific mega trade deal possibly this year. The upcoming talks for a Regional Comprehensive Economic Partnership will be held in Zhengzhou, China, from Friday. RCEP is, in essence, a massive regional trade deal between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has free trade agreements -- Korea, China, Japan, Indi

Industry July 25, 2019

At the World Trade Organization General Council in Geneva, South Korea strongly urged Japan to retract export curbs, saying Tokyo is using trade as a political tool and disrupting trade for political purposes, officials said Thursday. At the general council, which is the WTO’s highest-level decision-making body, the trade dispute between the two nations was discussed from 12:40 p.m. to 15:30 p.m. (local time) Wednesday. Kim Seung-ho, deputy minister for multilateral and legal affairs, and

Industry July 25, 2019

South Korea is suffering from worsening air pollution each year. Every spring, the concentrations of fine dust particles surge to record levels across the country, threatening human health and environmental sustainability.The state-run Korea Forest Service is seeking to deploy forests to combat air pollution, help people stay cooler during heat waves and increase well-being in nature. “The primary factor behind serious fine dust pollution is air pollutants from industrial complexes, therma

Industry July 24, 2019

In addition to raising the issue at the World Trade Organization’s General Council on Wednesday in Geneva, Switzerland, the South Korean government sent a strong opinion to the Japanese administration calling for the complete withdrawal of its export restrictions.In parallel, calls are also growing from global tech firms to urgently settle the trade dispute that may cause supply chain disruptions and impact the global economy. The Ministry of Trade, Industry and Energy said in a press brie

Industry July 24, 2019

South Korean steelmaker Posco posted an operating profit of 1 trillion won ($848 million) in the second quarter this year, buoyed by its lucrative infrastructure and trade operations despite the sluggish steel business, the firm said Tuesday. The company also posted 16.3 trillion won in sales, with a net profit of 681 billion won. Sales rose 1.5 percent, but operating profit and net income declined 14.7 percent and 14.7 percent on-year, respectively. The decline was mainly due to its sluggi

Industry July 23, 2019

Amid escalating trade tension between South Korea and Japan, the Trade Ministry here said Monday its senior official would participate in the World Trade Organization’s General Council on Tuesday to better respond at the scene due to the gravity of the issue. Kim Seung-ho, deputy minister for multilateral and legal affairs, will participate in the general council, the highest decision-making body, in Geneva. The council is slated to discuss the two nations’ trade dispute at its meeti

Industry July 22, 2019

South Korea is sparing no efforts to persuade the international community to press Japan to withdraw its export restrictions on hi-tech materials and impugn Tokyo’s reasoning behind its retaliatory measures. Early this month, Japan announced it would curb exports on Korea’s hi-tech materials crucial to the production of chips and display panels. It also said it plans to remove South Korea from a whitelist of 27 countries that receive preferential treatment for trade with Japan. The J

Industry July 21, 2019

State-run Korea Gas Corp. (Kogas) is expanding its global presence in the liquefied natural gas market with its robust technologies and overseas networks. The company is currently participating in 25 global projects in 13 nations, including the exploration, development and production of natural gas. It also includes liquefaction of LNG and the construction and operation of gas pipelines and terminals overseas. Last year, Kogas sold 36 million tons of LNG in Korea after purchasing from Qatar

Industry July 21, 2019