6/2, 7:25 AM (Source: TeleTrader)
more TeleTrader news

S. Korea to reinstate WTO complaint against Japan

South Korea revealed on Tuesday that it will reintroduce the complaint against Japan at the World Trade Organization (WTO) because of longstanding export limitations Tokyo had imposed against Seoul.

The trade tensions between the two countries began in July 2019 when Tokyo decided to prohibit the export of materials deemed crucial for chip and display industries to South Korea, a move Seoul considers retaliation for its court's directive that Japanese companies should compensate the victims of forced labor during Japan's colonial rule over the Korean peninsula from 1910 to 1945.

The conflict had continued to escalate, but the WTO complaint has been suspended in November 2019. As Tokyo failed to respond to Seoul's calls for the elimination of trade restrictions until May's deadline, South Korea thus decided to reinstate the complaint.

Breaking the News / MS