Seoul’s finance minister Hong Nam-ki said on Friday that South Korea will remove Japan from its “white list” of trusted trading partners, reciprocating just hours after a similar move by Tokyo.
Hong Nam-ki said, “We will continue making efforts to solve this issue diplomatically, but we will also remove Japan from our white list and go through a process to strengthen our export controls.”
During a press briefing, Trade minister Hiroshige Seko said that the measure will go into effect on Aug 28. The decision will introduce additional export control procedures for dozens of items that could be potentially converted into weapons, following the July 4 introduction of separate screening processes on three key materials needed by South Korean firms to produce semiconductors.
South Korean President Moon Jae-in reacted immediately and warned Tokyo it will face severe consequences for its “reckless” and “selfish” decision.
“Seoul will take corresponding measures in a resolute manner to counter Friday’s decision”, Moon said.
“It is the Japanese government that is responsible for worsening the situation,” he added.
“I clearly warn that the Japanese government will be responsible for developments that will follow,” Moon stressed.
Japan and South Korea have had long rocky relations but they worsened last year following a series of South Korean judicial decisions on wartime forced labour requiring Japanese companies to pay compensation.
South Korea has also warned that the revised export regulations will hurt the global supply chain, but Japan has dismissed the suggestion.