Business leaders from South Korea and Japan have suggested both governments to find out a quick diplomatic solution for the deepening trade wars, and also urges negative economic problems for both countries.
Around 300 businessmen from both neighboring nations made the call from the annual conference of the South Korea and Japan Economic Association in Seoul, which has viewed as the leading platform for mutual co-operation in the business sector.
The association urged that “The political, as well as diplomatic relations between the two nations, have currently been going through extremely tough ties with no exit in sight.” “We have strongly warned the two governments to resolve relations through dialogue and also open a brand new chapter in the relations.”
The meeting organized as the two nations remained in a political discussion with both Seoul and Tokyo reluctant in order to make a compromise over the ongoing trade conflict, despite tension over a possible threat to the worldwide supply chains.
Reportedly, the businessmen representing some of the nation’s greatest firms including Samsung Electronics, Lotte Group, Posco from South Korea and SoftBank, Canon, and Toray from Japan showcased regret that the fast-running historical fight between the two nations had spilled over into the economic area. The war increased after South Korean courts late previous year ordered companies of japan to pay repayment for forced labor during the 2nd world war.
Relations between the two nations hit the latest low in the month of July when Tokyo imposed export controls of three major chemicals essential to semiconductor industry of South Korea and eliminated Seoul from the white list of trusted trade partners. South Korea has rejoined with its own measures and has filed a complaint with the WTO over export restriction of Japan.