South Korea will step up its efforts this week to fend off a move by Japan to impose additional trade restrictions against Seoul, according to government officials on Sunday, amid a growing trade dispute that could also disrupt global supplies of semiconductors and smartphones.
Besides, since Japan had inclined a ban on sensitive technology exports to South Korea, South Korean forced wartime labor victims of World War I and II had shored up supports for their claims, urging asset sales of Japanese heavyweight carmaker Mitsubishi Motors in order to compensate their claims.
South Korea and Japan are both United States allies and democracies, but relations between the two have always been strained over issues related to Tokyo's brutal 1910-45 colonial rule of the Korean peninsula.
Article 1 of GATT specifies that a country must offer the same terms to the whole world, not just one country.
Alongside the council, South Korea's Ministry of Trade, Industry and Energy plans to deliver an opinion this week to the Japanese government to press it to withdraw the export curbs.
"SK hynix is known to have entered into an emergency operation immediately after the announcement of Japan's export curbs".
Beer-loving South Koreans angered by a trade row with Tokyo are boycotting Japanese brews in a surge of patriotism that has even seen popular beauty bloggers targeted.
Following working-level talks between the two nations on July 12, which ended without progress, the South Korean officials have continued to suggest holding another meeting before Wednesday, but have not received a reply. If Korea was delisted, it would have far-reaching repercussions on bilateral trade and beyond. Japan also saw a 5.6 percent slump during the same period.
Police officers outside the Japanese embassy in South Korea on Friday.
Whether to keep the intelligence pact with Japan was also a key discussion topic at Moon's meeting with the leaders of major political parties at Cheong Wa Dae last week.
More broadly, given the volume of trade between the two neighbours, if the restrictions are sustained or expanded it would have "no small impact on our economy", South Korea's central bank chief Lee Ju-yeol told reporters.
The ambassador then tried to broach a solution that South Korea first proposed last month, but Kono cut him off, saying, "Tokyo has already notified Seoul that this proposal is completely unacceptable".