Day: February 13, 2024

WASHINGTON, South Korea is “open-minded” about the idea of Japan participating in a currently bilateral nuclear deterrence dialogue between Seoul and Washington, a former South Korean national security advisor said Monday.

Kim Sung-han, who served as President Yoon Suk Yeol’s top security advisor from 2022-2023, made the remarks, noting that while in office, he had discussions with his counterpart over the idea of Japan’s participation in the Nuclear Consultative Group (NCG).

The NCG was established under the Washington Declaration that Yoon and U.S. President Joe Biden adopted during their summit in Washington last April as part of efforts to enhance deterrence against evolving North Korean nuclear and missile threats.

“It depends on Japan. Korea is open-minded,” Kim said during the form hosted by the Center for Strategic and International Studies (CSIS).

“So we need to think about whether we will have ROK-U.S. NCG and ROK-U.S.-Japan trilateral NCG, respectively, or we can have Japan join ROK-U.S. NCG i
n a gradual manner. It depends on Japan, which requires some closer cooperation and consultation beforehand,” he added.

ROK stands for South Korea’s official name, the Republic of Korea.

Kim pointed out that for Japan, its participation in such an apparatus about the use of nuclear arms would be a sensitive issue — in an apparent reference to domestic opposition in Japan about any potential employment of nuclear weapons.

“I myself had a chance to talk to my Japanese counterpart about that issue when I was in the government. But this is a somewhat sensitive issue to Japan because NCG is about how to use nuclear weapons in a contingency,” he said. “So from the Japanese perspective, this might provoke some domestic kind of discussions.”

Expansion discussions of the NCG to include Japan came as Seoul, Washington and Tokyo have been stepping up security cooperation through three-way military drills and diplomatic talks to counter unceasing security threats from Pyongyang.

The CSIS forum centered on the issue
of how to strengthen trilateral cooperation between South Korea, the U.S. and Japan amid the possibility that the three-way partnership could be affected by the outcome of the U.S. presidential election in November.

Sung Kim, former U.S. special representative for North Korea, stressed the need to “institutionalize” three-way cooperation to ensure that tripartite efforts to promote mutual interests continue regardless of domestic political events.

“Whether it’s military exercises, information sharing or cooperation in cyber, once we institutionalize and establish friendly, cooperative activities among the three countries, less likely that they will be affected by elections,” he said.

Highlighting the current stature, power and influence of South Korea and Japan, Kim stressed that it is “only natural” that there will be greater “challenge-sharing” and “burden-sharing” among the U.S. and its key Asian allies.

“I would say that irrespective of what happens in November here, we should expect to see more of an
active role played by both Japan and ROK diplomacy,” he said.

Noting that Pyongyang remains uninterested in dialogue and continues its weapons programs, Sung Kim underscored the growing need to cement trilateral cooperation.

“This is why it’s even more critical that our three governments continue to focus on strengthening our extended deterrence cooperation, trilateral cooperation more broadly,” he said.

Source: Yonhap News Agency

WASHINGTON, A U.S. diplomat on Monday highlighted America’s commitment to working in tandem with South Korea and Japan to address growing military cooperation between North Korea and Russia, which he said serves only to prolong Moscow’s war in Ukraine.

Speaking at a forum, Robert Koepcke, deputy assistant secretary of state for Japan, Korea and Mongolia, also reiterated Washington’s openness to dialogue with Pyongyang “without preconditions” and its willingness to discuss the reclusive regime’s humanitarian issues.

“We are committed to working trilaterally as well to address DPRK-Russia military cooperation, which serves to only prolong Russia’s brutal war against Ukraine, undermine the global non-proliferation regime, embolden North Korea’s reckless inclinations,” he told the forum hosted by the Center for Strategic and International Studies.

DPRK stands for North Korea’s official name, the Democratic People’s Republic of Korea.

Deepening cooperation between Pyongyang and Moscow has emerged as a major s
ecurity concern as the White House has revealed the North had supplied Russia with ballistic missiles, munitions and other supplies for use in Ukraine under transactions, from which Pyongyang is thought to have also benefited militarily.

Noting the Joe Biden administration’s “calibrated” approach to the North, Koepcke underscored its continued commitment to diplomacy with Pyongyang.

“We are pursuing a calibrated approach to the DPRK’s escalatory actions based on the degree of the threat they pose to the United States and our allies,” he said. “The United States has been clear. We seek dialogue with Pyongyang. We seek it without preconditions.”

He added that the U.S. will seek to cooperate on humanitarian issues with the North regardless of its missile development program status and other concerns.

Touching on trilateral cooperation with Seoul and Tokyo, the official described it as “essential” not only for security but also for economic and other realms.

Koepcke also said that the three countries will co
ntinue to strengthen cooperation on export controls to prevent technologies from being diverted for military or “dual-use” capabilities that could potentially threaten international peace and security.

Source: Yonhap News Agency

SEOUL, South Korea’s exports fell nearly 15 percent on-year in the first 10 days of February due mainly to fewer working days, but sales of semiconductors soared more than 40 percent, data showed Tuesday.

Outbound shipments reached US$15.01 billion in the Feb. 1-10 period, compared with $17.57 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports, however, increased 11.7 percent on-year to $2.31 billion.

The number of working days came to 6.5 days during the cited period this year, compared with 8.5 days a year earlier. South Korea’s Lunar New Year holiday ran from Feb. 9-12 this year.

Exports, a key economic growth engine, advanced 18 percent on-year to $54.6 billion in January, the fourth consecutive monthly gain, on the back of strong demand for semiconductors.

Imports sank 24.6 percent on-year to $17.01 billion during the period, resulting in a trade deficit of $2 billion.

By item, exports of semiconductors surged 42.2 percent to $2.78 billion during
the Feb. 1-10 period.

It was the first time since November 2021 that chip exports jumped more than 40 percent during the first 10 days of a month when semiconductor sales soared 45.2 percent.

Chip sales accounted for 18.5 percent of the country’s total exports, up 4.7 percentage points from a year earlier.

But exports of petroleum products lost 21 percent to $1.37 billion and those of vehicles sank 36.3 percent to $1.11 billion.

Steel products and auto parts also saw global sales fall 23.6 percent and 13.3 percent, respectively.

By destination, exports to the United States, a top trading partner, decreased 12.4 percent to $2.84 billion during the cited period.

Shipments to China went down 20.3 percent to $2.82 billion, and those to the European Union dived 35.5 percent to $1.45 billion.

Exports to Vietnam declined 19.2 percent to $1.28 billion, while those to Hong Kong surged 143.1 percent to $813 million, the data showed.

The government expected exports to advance 8.5 percent this year to reach a rec
ord high of over $700 billion.

Source: Yonhap News Agency

SEOUL, The health ministry on Tuesday called for trainee doctors to avert looming collective actions in protest of a plan to increase the number of medical students by 2,000, as an association of trainee doctors formed an emergency committee to respond to the plan.

Second Vice Health Minister Park Min-soo also said the government was “relieved” as an association of trainee doctors made no announcement about its collective actions after all-night discussions earlier in the day.

“We urge doctors to make a resolute decision to protect the patients by their side,” Park told reporters. “The government will continue to make efforts to reform the medical sector to make hospitals a sustainable workplace.”

Overnight, the Korean Intern Resident Association (KIRA), a major doctors’ organization, convened a meeting of representatives to discuss their actions over the planned increase in the medical school enrollment quota.

Later on Tuesday, KIRA announced the resignation of its entire executive board, forming an eme
rgency committee to address the issue.

The organization, however, refrained from disclosing details about its upcoming actions, including collective measures.

Meanwhile, the Korea Medical Association, another doctors’ lobby group, earlier declared its intention to organize nationwide protest rallies on Thursday.

“I am relieved that there is no announcement on plans to engage in collective actions (by KIRA),” Park said, calling for doctors not to take advantage of patients’ lives through collective leave or resignations.

Doctors and the government have shown signs of heading for a collision course over last week’s decision to add 2,000 to the country’s medical school enrollment quota next year, a sharp rise from the current 3,058 seats.

South Korea has been pushing to raise the quota amid the country’s chronic shortage of doctors in crucial areas, as medical professionals tend to prefer practicing in nonessential areas with lower risks.

On Monday, the office of President Yoon Suk Yeol said that the gover
nment’s decision to increase the medical school quota is “irreversible,” denouncing doctors’ threats of collective action as unjustifiable.

Source: Yonhap News Agency

SEOUL, The customs agency said Tuesday it will push to raise the limit of the duty-free allowance for alcohol to boost travelers’ convenience.

It is part of the Korea Customs Service (KCS)’s comprehensive plan for 2024, which also includes measures to strengthen the crackdown on drug smuggling and to better support exporters.

Under the plan, the agency will review the possible adjustment of the cap on duty-free liquors, which is currently set at 2 liters valued at US$400 or less.

The government in 2022 doubled the limit from 1 liter, while the value cap remained unchanged at $400. It was the first adjustment in nearly 30 years.

The agency vowed to strengthen checks of personal customs clearance codes and strengthen punishment for violators in an effort to prevent identity theft over the course of customs clearance for tax exemption.

The simple payment system will be available for those paying 2 million won ($1,505) or less in customs duties, according to the plan.

“We will develop a new app on the cust
oms information and set up a task force for taxpayers to boost the public convenience,” an agency official said.

“Our focus for this year will also be on how to ensure economic security and fair trade rules,” he added.

In response to growing drug smuggling, the agency plans to boost cooperation with Thailand, Vietnam, the Netherlands, Germany and other nations on the crackdown on drug smuggling and expand inspections into travelers from major drug smuggling nations.

It also vowed to set up more drug detectors at airports nationwide.

The amount of drugs seized before being smuggled into South Korea jumped 23 percent on-year to 769 kilograms last year in line with growing demand for narcotics here and the subsequent price increase.

By origin, Thailand topped the list, accounting for 24 percent of the total volume last year, followed by the United States with 20 percent, Germany with 12 percent and Laos with 9 percent.

The agency also presented a set of supportive measures for exporters to help spur the co
untry’s economic growth.

It will push to sign a mutual recognition arrangement, or MRA, of the authorized economic operator program, with Vietnam in 2024 to facilitate trade and create favorable trade environments for businesses.

South Korea had such agreements with 23 nations, including the U.S. and Japan.

The KCS pledged to provide consulting services and financial support for exporters and ease regulations regarding customs procedures.

Source: Yonhap News Agency

SEOUL, A South Korean woman in Malawi died last week, the foreign ministry said Tuesday.

Local authorities are said to be investigating the possibility that she was murdered last Wednesday after leaving her home.

“Our local mission continues to request cooperation from investigation officials of Malawi for a swift and thorough investigation,” foreign ministry spokesperson Lim Soo-suk said in a press briefing.

The South Korean Embassy in Zimbabwe has dispatched a consular official to Malawi and is providing the necessary consular assistance, an official at the ministry said. South Korea currently has no diplomatic missions in Malawi.

The official said the ministry cannot provide further details about the personal information of the victim.

The South Korean ambassador to Zimbabwe is also said to have visited Malawi after the incident and met with high-level officials, including the foreign and interior ministers, to request a swift investigation into the case.

Source: Yonhap News Agency

SEOUL, Seoul shares closed higher for the third straight session Tuesday amid hopes that the U.S. Federal Reserve will start easing due to continued disinflation. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 29.32 points, or 1.12 percent, to close at 2,649.64.

Trade volume was moderate at 550.46 million shares worth 12.93 trillion won (US$9.7 billion), with gainers outnumbering losers 597 to 285.

January’s U.S. consumer price index due later Tuesday (U.S. time) is expected to support the view that decelerating inflation will allow the Fed to start cutting rates this year, analysts said.

Institutions and foreigners bought a combined 1.44 trillion won worth of stocks, offsetting individuals’ stock selling, valued at 1.4 billion won.

Large-cap stocks were mixed across the board.

Market bellwether Samsung Electronics Co. increased 1.5 percent to 75,200 won, No. 2 chipmaker SK hynix Inc. jumped 5 percent to 150,000 won, No. 2 carmaker Kia Corp. g
ained 3.5 percent to 117,200 won, and Asiana Airlines Inc., the country’s second-biggest carrier, soared 5.6 percent to 14,270 won.

Among decliners, top carmaker Hyundai Motor Co. fell 0.4 percent to 249,000 won, leading steelmaker POSCO Holdings declined 3.3 percent to 438,000 won, and leading battery maker LG Energy Solution Ltd. shed 0.1 percent to 393,500 won.

The local currency closed at 1,328.10 won against the greenback, up 0.1 won from the previous session’s close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys gained 4.8 basis points to 3.353 percent, and the return on the benchmark five-year government bonds rose 5.4 basis points to 3.391 percent.

Source: Yonhap News Agency

SEOUL, President Yoon Suk Yeol said Tuesday he will enact a special bill aimed at developing the southeastern port city of Busan into a global hub city as part of efforts to achieve balanced development across the country.

Yoon made the announcement during a government-public debate held in Busan, the nation’s second-largest city, which is home to 3.43 million residents out of the country’s total population of 51.7 million.

“To foster Busan as the pivotal hub of the southern region and indisputably the second-largest city of the Republic of Korea, ‘Global Hub City Special Act’ will be enacted,” Yoon said.

Balanced regional development has been a primary policy objective of the Yoon administration, with the president emphasizing its significance for national growth.

“Opening the era of regional balanced development to restore the total fertility rate to one is more crucial and prioritized than ever,” Yoon said.

The country’s total fertility rate — the number of children expected to be born to a woman ov
er her lifetime — fell to an all-time low of 0.78 in 2022, well below the replacement level of 2.1 needed to keep the country’s population stable.

Highlighting Busan as a symbol of the nation’s enduring efforts toward deconcentration, Yoon announced various incentives for companies operating in Busan, as well as in the nearby city of Ulsan and the surrounding South Gyeongsang Province.

Companies based in the regions will enjoy a range of tax and financial benefits, in addition to assistance in attracting talent from across the country.

Yoon also referenced ongoing projects crucial in establishing Busan as a global hub city, such as the opening of an international airport on Gadeok Island in Busan scheduled for 2029.

He also mentioned another project underway, the relocation of the Korea Development Bank to Busan, which was also among his campaign pledges. The bank is currently headquartered in Seoul.

“The Korea Development Bank will be relocated to Busan as soon as possible, and will be actively utilize
d as a power leading Busan as a global hub city,” Yoon said.

To help Busan truly develop into an advanced hub, Yoon said the government will support bringing in foreign education agencies and building a children’s hospital.

The debate marks the 11th session in a series addressing issues related to people’s livelihoods and is the first held outside the wider capital area. Yoon’s pledge also came ahead of April’s parliamentary elections.

Source: Yonhap News Agency