South Korea, Japan trade spat deepens
Frank Smith
Press TV, Seoul
South Korea summoned the Japanese ambassador to Seoul to express opposition to its removal from Tokyo’s white list of preferred trading partners to take effect on Wednesday. South Korea, however, left the door open to talks on a path to dial back the escalating trade spat.
The GSOMIA is a military intelligence sharing agreement between South Korea and Japan, which Seoul had announced nullified in response to Japan’s trade restrictions. Analysts argue the measures taken so far have been more symbolic than meaningful.
Japan announced the export restrictions against South Korea largely in response to recent court cases awarding compensation to forced laborers of Japanese colonial enterprises.
One needs to remember this trade spat has its origins in historical disputes between South Korea and Japan not easily rectified. While Tokyo believes the issue was settled with a 1965 agreement to establish diplomatic relations, many South Koreans do not recognize that deal, and have called for various compensations and official apologies.
While the tit-for-tat symbolic, political measures have done little economic damage, public uproar and boycotts in South Korea have impacted Japanese businesses here, and even Japanese-themed businesses owned by Koreans have suffered.
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