Boycotts, tensions not enough to break Seoul-Tokyo relations: NYT
- 5 years ago
Despite the heightening tensions between Seoul and Tokyo over trade and historical issues,... the New York Times reports that overall relations, especially in terms of business, will likely endure this testing period and come out the other end relatively unscathed.
Lee Seung-jae has more.
South Korea-Japan relations are at their lowest point in recent memory following Tokyo's move to formally remove Seoul from its white list of trusted trading partners.
Despite South Koreans boycotting Japanese goods en masse and switching up their travel plans to avoid Japan,... when it comes to bilateral business ties,... they would be a lot more difficult to break.
This is the view of the New York Times on Wednesday, U.S. time.
According to its report,... trade volume between the two neighbors currently amounts to about 85-billion U.S. dollars a year.
It added that Japan, in particular, holds considerable sway as the main supplier of essential raw materials and components that South Korea needs in its high-tech economic machine.
The report quoted Rory Green,... an economist who specializes in South Korea and China at the London-based analyst TS Lombard,... as saying any serious attempt to shatter trade ties "would be a disaster",... adding that until South Korea is able to produce its own materials,... a process that could take many years,... the two countries have little choice but to stick together.
The report went on to use South Korean firm Sejin Tech as an example.
It builds intricate machines with over 13-hundred parts for packaging foods like soup and kimchi.
While many of its components are made domestically,... some can only be sourced from Japan.
However, it noted the sudden upswing in trade tensions between Seoul and Tokyo has left many small businesses in South Korea unprepared.
Many experts seem to agree that,... while the trade conflict has left the two countries deeply at odds,... the two are bound to each other whether they like it or not,... and need to find a way to resolve their current issues.
Lee Seung-jae, Arirang News.
Lee Seung-jae has more.
South Korea-Japan relations are at their lowest point in recent memory following Tokyo's move to formally remove Seoul from its white list of trusted trading partners.
Despite South Koreans boycotting Japanese goods en masse and switching up their travel plans to avoid Japan,... when it comes to bilateral business ties,... they would be a lot more difficult to break.
This is the view of the New York Times on Wednesday, U.S. time.
According to its report,... trade volume between the two neighbors currently amounts to about 85-billion U.S. dollars a year.
It added that Japan, in particular, holds considerable sway as the main supplier of essential raw materials and components that South Korea needs in its high-tech economic machine.
The report quoted Rory Green,... an economist who specializes in South Korea and China at the London-based analyst TS Lombard,... as saying any serious attempt to shatter trade ties "would be a disaster",... adding that until South Korea is able to produce its own materials,... a process that could take many years,... the two countries have little choice but to stick together.
The report went on to use South Korean firm Sejin Tech as an example.
It builds intricate machines with over 13-hundred parts for packaging foods like soup and kimchi.
While many of its components are made domestically,... some can only be sourced from Japan.
However, it noted the sudden upswing in trade tensions between Seoul and Tokyo has left many small businesses in South Korea unprepared.
Many experts seem to agree that,... while the trade conflict has left the two countries deeply at odds,... the two are bound to each other whether they like it or not,... and need to find a way to resolve their current issues.
Lee Seung-jae, Arirang News.