South Korean Foreign Minister Kang Kyung-wha will reportedly point out the significance of "fair trade" during this week's meeting, a new report revealed on Monday. Analysts said South Korea may be looking to get ASEAN member countries to intervene in the dispute with Japan.
According to the South China Morning Post, Kang told the media that in the upcoming ministerial gathering that will be attended by negotiators from South Korea and Japan, she will layout "the importance of free and fair trade."
This week's meeting will also include representatives from the 10 member countries in the ASEAN region.
Some experts believe the South Korean side will try to get the ASEAN member countries to intervene in the escalating trade war. The government has called out Japan's move of restricting high-tech exports as a form of "retaliation."
Seoul's move of getting the ASEAN countries to listen to its cause is very timely, research fellow in the Department of Diplomatic Strategy Studies at South Korea's Sejong Institute, Choi Yoon-jung, noted.
For Choi, the South Korean government is making the right call as the "ASEAN spirit" is in full force at this time. The association has been working to emphasize the significance of free trade in the global stage since it has been beaten down by the ongoing China-U.S. trade war.
"No one would object to the principle of rules-based free trade, and the lack of any objection to South Korea propagating the benefits of free trade at Asean's meetings would send an implicit message to Japan in South Korea's favor," Choi explained.
Economic experts previously warned of the global impact of the South Korea-Japan trade war. They said technology supply chains will be largely affected by the dispute, dragging the global economy lower than where it already is starting to go.
While other analysts suggest that there could be some sort of intervention from the ASEAN countries, it will most likely not be out in the open until the member nations are directly impacted by the dispute.
Meanwhile, the Korea Times reported on Monday that South Korea's major political parties agreed to create a consultative body on Wednesday that will focus on handling the trade restrictions Tokyo has established.
Secretary-General of the ruling Democratic Party of Korea (DPK), Rep. Yun Ho-jung, confirmed that the "urgent situation" pushed political parties to agree that the first meeting of the bipartisan body should be held this week.
Cheong Wa Dae policy heads and ministers, representatives from the private sector, and business circle heads will take part in the taskforce. Some of the groups that will be included in the body are the Korean Confederation of Trade Unions, the Korea Enterprises Federation, the Korea Federation of SMEs, and more.
