Minister vows response to ChinaKorea’s finance minister pledged Friday to take actions against China amid no apparent signs of progress in ending a diplomatic row with the world’s second-largest economy.
China has taken a series of economic retaliations against Korea in recent months over the ongoing deployment of an advanced U.S. missile defense system in Korea.
China has imposed a ban on Chinese sales of tour packages to Korea in a move that dealt a heavy blow to Korea’s tourism industry that has long relied on Chinese visitors.
Beijing has repeatedly pressed Korea to drop the plan, claiming the U.S. missile defense system would undermine its security interests.
Still, Seoul and Washington have dismissed such concerns, saying the U.S. missile shield is defensive in nature and focused on North Korea’s missile activities.
“We are closely reviewing whether Chinese moves violated international norms,” Finance Minister Yoo Il-ho said in a meeting. He said Korea will deal with Chinese retaliations “according to relevant laws and procedures in case of violation.”
Korean officials said it is highly likely that China’s retaliatory measures run counter to the spirit and regulations of the World Trade Organization. Earlier this week, Korea appealed to the WTO’s service council to determine if the Chinese measures are in conflict with WTO regulations.
Yoo also said Korea will continue to explain its policy on foreign exchange and its efforts to implement the Korea-U.S. free trade deal to the United States. YONHAP
More in Economy
Cash is truly king in time of coronavirus
When settling for a studio apartment is too expensive
Bill creates new rental protections for small businesses
Moon gets creative with New Deal as funds are established
Stats show a dearth of cheap digs, politician claims