Published: Mon, July 29, 2019
Worldwide | By Lisa Hogan

Biotech industry group urges Japan to withdraw export curbs

Biotech industry group urges Japan to withdraw export curbs

South Korea also says the curbs are unnecessary, one-sided and harmful to free trade.

On July 4, Japan slapped export controls on three chemical ingredients - hydrogen fluoride, photoresists and fluorinated polyimides - used by South Korea's globally dominant chip and screen industries.

Eight out of 10 South Koreans showed reluctance to buy Japanese products as Japanese Prime Minister Shinzo Abe moves to expand trade restrictions. -China trade war and a global IT market slump, will cause a contagion effect, and will affect both the United States and China, which rely on components from South Korea.

"The action will worsen the current situation", she said.

Japan also collected 30,000 public opinions by the Wednesday deadline.

"I think any time we have the U.S., the ROK and Japan in the same place, there's going to be a desire to get together", the senior State Department official told reporters, signaling possible U.S. intervention in helping improve relations between the two U.S. allies.

On Thursday, the BOK revised South Korea's growth outlook to 2.2 percent, down 0.3 percent from the conventional 2.5 percent, and cut the base interest rate by 25 basis points to 1.5 percent.

"Korea and Japan are important partners and companions for the development of our bio industries", the organization said in the written request.

Earlier, six groups in the electronics industry, including the U.S. Semiconductor Industry Association (SIA) and the Semiconductor Equipment and Materials International (SEMI), sent a letter to the South Korean and Japanese governments, saying that the latter's export restrictions are a non-transparent and unilateral change in policy.

Responding to mounting tensions and downside risks, the BOK has set up a task force to monitor the balance and maturity of loans extended by Japanese borrowers.

The main goal of the visit was to attend a biannual meeting with US and Japanese lawmakers on Friday, but noting the timing of the trip, the delegation earlier said they would raise concerns about Tokyo's export curbs against Seoul.

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