News ID: 254038
Published: 0242 GMT June 10, 2019

Seoul asks Washington to resolve difficulties of South Korean firms

Seoul asks Washington to resolve difficulties of South Korean firms

South Korea’s finance minister called for positive US consideration in resolving difficulties facing smaller South Korean companies due to US sanctions on Iran, the Finance Ministry said on Monday.

Hong Nam-ki, the minister of economy and finance, made the request during his meeting with US Treasury Secretary Steven Mnuchin on Sunday on the sidelines of an annual meeting of the Group of 20 finance ministers in Japan, Yonhap reported.

Mnuchin said he hopes the issue can be resolved smoothly through close consultations between South Korea and the United States, the Ministry of Economy and Finance said, without elaborating.

Last year, Washington imposed sanctions on Iran following its exit from a 2015 nuclear agreement with Iran and five major world powers.

Last month, the US ended its sanctions waivers for South Korea, China, India and five other countries for Iranian oil imports.

Smaller South Korean exporters also face difficulties as they have stopped their exports to Iran due to the US sanctions on Iran, the ministry said.

The ministry declined to say how many South Korean companies are affected by the US sanctions.

Last week, Hong met with Central Bank of Iran Governor Abdolnaser Hemmati, in Seoul, and the two sides agreed to closely communicate to address difficulties facing South Korean companies.

At the annual meeting of the Group of 20 finance ministers in Japan that ended on Sunday, Hong called for efforts of the G-20 advanced and emerging economies to strengthen policy coordination to ensure that trade frictions do not spread to emerging countries.

The G-20 finance ministers said global growth appears to be stabilizing and is generally projected to pick up later this year and into 2020.

“However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks, and stand ready to take further action,” the G-20 finance ministers said in a communique.

 

   
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