South Korean President Moon Jae-in called an emergency Cabinet meeting Friday in an attempt to deal with the intensification of Seoul鈥檚 trade standoff with Japan.
As had been feared but widely expected, Tokyo鈥檚 Cabinet earlier in the day approved a motion to remove the South from a 鈥榳hitelist鈥� of trusted trade partners, having last month applied a stricter process for exports of three chemicals deemed vital for the production of key local tech products.
When South Korea is removed from the 鈥榳hitelist鈥� 21 days after Friday鈥檚 approval, Japanese exporters will require licenses to move over 1,000 items to the South 鈥� on the basis that they might be used for military purposes.
Seoul鈥檚 presidential office expressed 鈥渄eep regret鈥� over the decision and vowed to cope with Tokyo鈥檚 鈥渦nfair鈥� measure in a 鈥渞esolute鈥� manner, according to local news agency Yonhap.
The South Korean government is also setting up a related task force as the country鈥檚 economic growth has already been sluggish this year, while the Bank of Korea additionally arranged an emergency meeting Friday.
Tokyo鈥檚 justification for its trade moves against the South this summer has been on security grounds and to prevent sensitive materials from finding their way into North Korea, but reports generally claim Japan is targeting Seoul on political grounds due to clashes over historical issues.
South Korea already asked the United States to mediate, given Washington鈥檚 close ties to both countries, and the top diplomats of all three nations plan to meet in Thailand later in the day.
The U.S. appears to be particularly concerned about the possible consequences for its regional alliances and security if Seoul cancels a military intelligence sharing agreement with Tokyo.
So far, South Korea鈥檚 main response has come in the form of a consumer-led boycott against Japanese products and travel.
By Alex Jensen in Seoul
Anadolu Agency
energy@aa.com.tr