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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 151.59-0.4%Jan 30 9:30 AM EST
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To: Ramsey Su who started this subject7/5/2000 9:28:14 AM
From: Ruffian   of 197448
 
SEOUL, July 5 (Reuters) - South Korea's Ministry of Foreign
Affairs and Trade said on Wednesday China had partially lifted
its ban on Korean mobile phones and polyethylene imports it
imposed last month in retaliation for Korea's ban on Chinese
garlic.
"The Chinese government ordered its customs authorities to
allow Korean mobile phones and polyethylene imports that
shipped before June 8 to pass through the customs," said a
ministry official.
He said such polyethylene imports awaiting clearance at
Chinese customs amounted to 28,000 tonnes worth about $18.7
million.
The ministry did not give figures for Korean mobile phones
that were also awaiting clearance.
Chinese and South Korean officials had been in talks in a
bid to resolve a trade dispute that has escalated from garlic
to mobile phones.
The row began when South Korea raised its preliminary
import duty on Chinese garlic to 315 percent from 30 percent
between November and May, saying a flood of Chinese imports was
hurting local growers.
On June 1, South Korea officially imposed the 315-percent
import duty on Chinese garlic. Beijing retaliated on June 7 by
banning Korean mobile phones and polyethylene imports.
South Korea's local media said China's decision would
likely to lead to an end to the month-long trade dispute any
time soon.
South Korea's mobile phone and polyethylene exports to
China were worth more than $510 million last year.
China's garlic exports to South Korea were valued at $9
million in 1999.
((Seoul Newsroom +82 2 727-5644, fax +82 2 727-5666,
seoul.newsroom@reuters.com))
REUTERS --- Rtr 09:03 07-05-00
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