Amid the ongoing tensions following export curbs by Japan on hi-tech exports to South Korea, the American Chamber of Commerce in Korea on Thursday expressed concerns that it could have a negative impact on global trade.

“AmCham is committed to free and fair trade worldwide. The tightening of export controls on critical materials to Korea will have damaging effects on bilateral trade and also have negative implications globally,” the organization said in a statement. 

It added that it wants to see a rapid and fair settlement of this matter in order to minimize the damage to the economy and avoid any increase in tensions between the two countries, both of whom are strong allies and friends of the US.

A day earlier, AmCham also delivered its position to Japan regarding its proposed partial revision of the Export Trade Control Order. The Japanese government is gathering opinions on the amendment of its presidential decree, which will determine whether it excludes Korea from its whitelist of countries entitled to preferential treatment for trade.

“AmCham is willing to do what it can to facilitate a resolution and we are fully supportive of the efforts to reach a mutually beneficial solution,” the AmCham spokesperson said.

The organization is the largest foreign chamber of commerce in Korea comprised of over 800 member companies and affiliates with diverse interests and substantial participation in the Korean economy. 

By Shin Ji-hye (shinjh@heraldcorp.com)