Sun. May 28th, 2023

BEIJING, May possibly 27 (Reuters) – China and South Korea have agreed to strengthen dialogue and cooperation on semiconductor business provide chains, amid broader worldwide issues more than chip supplies, sanctions and national safety, China’s commerce minister stated.

Wang Wentao met with South Korean Trade Minister Ahn Duk-geun on the sidelines of the Asia-Pacific Financial Cooperation (APEC) conference in Detroit, which ended on Friday.

They exchanged views on keeping the stability of the industrial provide chain and strengthening cooperation in bilateral, regional and multilateral fields, according to a statement from the Chinese Ministry of Commerce on Saturday.

Wang also stated that China is prepared to perform with South Korea to deepen trade ties and investment cooperation.

Even so, a South Korean statement on the very same meeting did not mention chips, alternatively saying the country’s trade minister had asked China to stabilise the provide of essential raw supplies, and asked for a predictable small business atmosphere for South Korean firms in China.

“The South Korean side expressed that communication is required amongst operating-level officials more than all industries”, not just for semiconductors, a supply with know-how of the matter told Reuters.
The supply declined to be identified simply because they have been not authorised to speak to the media.
South Korea is in the crosshairs of a tit-for-tat row amongst the United States and China more than semiconductors.

China’s cyberspace regulator stated final week that Micron (MU.O) had failed its network safety assessment and that it would block operators of essential infrastructure from getting from the organization.
The U.S. has pushed for nations to limit China’s access to sophisticated chips, citing a host of factors which includes national safety.

About 40% South Korea’s chip exports go to China, according to trade ministry information, even though U.S. technologies and gear are needed for South Korean chipmakers Samsung Electronics (005930.KS) and SK Hynix (000660.KS).

Reporting by Ella Cao and Bernard Orr, and Joyce Lee in Soeul Editing by Kim Coghill

Our Requirements: The Thomson Reuters Trust Principles.

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