S. Korea steps up vigilance on Chinese trade retaliation

By Park Sae-jin Posted : December 2, 2016, 17:43 Updated : December 2, 2016, 17:43

[Aju News DB]

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South Korea has stepped up its vigilance on China's apparent trade retaliation following restrictions on K-pop stars in protest at the planned deployment of an advanced US missile shield.

An intra-government task force was formed to monitor trade disputes with China at a meeting chaired by Vice Trade Minister Woo Tae-hee who called for timely and aggressive steps to protect the interests of South Korean firms in China.

Woo noted that South Korea should deal aggressively with China's "unfair" trade measures within the framework of a bilateral free trade accord and the World Trade Organization.

Separately, the foreign ministry said it was closely watching an extensive tax and sanitary investigation this week into Lotte Group outlets in China, which accounts for one-fourth of South Korea's total exports.

Lotte has accepted a property swap to transfer its golf course as the new site for the deployment of a Terminal High Altitude Area Defense (THAAD) system aimed at intercepting North Korean ballistic missiles.

The THAAD system has hurt relations between Beijing and Seoul. Beijing has argued the US missile shield would "seriously" hurt strategic interests of China and the security balance in Northeast Asia.

Seoul officials believe Beijing appears to be strengthening trade barriers. Chinese TV stations were under pressure from authorities to restrict commercial ads and programs showing K-pop artists.

China called imports of South Korean sugar into question in September and launched an anti-dumping investigation regarding polyacetal in October. South Korean polysilicon manufacturers face additional anti-dumping investigations.

In other fields, the world's second-largest economy tightened quality control regulations on cosmetics and revised regulations on batteries targeting South Korean electric vehicle battery makers.

Aju News Lim Chang-won = cwlim34@ajunews.com
 
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