and to enter the growing friction between 2 neighbors and rivals as south korea office to talk to japan. this is business. as welcome after a british tanker was seized in iran britain appears to retaliate of course in the british territory is meeting to discuss the fate of an impounded iranian tanker the vessel has been at the heart of friction with the west over economic sanctions but the ones bearing the brunt of iran's international isolation business owners and ordinary people their lives have become very difficult. from the iranian port city of bender a whole line of tankers can be seen transiting the strait of hormuz they come from the entire region kuwait bahrain and the united arab emirates supplying the whole world with oil container ships are also in transit. bringing important goods to the sanctions stricken country shipowner and trader abdullah suffer already has just

arrived from dubai with a consignment of refrigerators. it's becoming increasingly hard for him to trade with other countries. this are used to wait for one or 2 hours for permission to dock in dubai now i can wait one to 2 weeks out at sea wondering if they let me in or not because of the u.s. sanctions i've got chinese traders you know insist on cash payment from iranians like myself we can't make bank transfers all because of the sanctions. every day life is becoming really difficult in iran foreign products are now scarce even medical technology and pharmaceuticals which plant targeted by the sanctions. knows how bad it is and what he needs. really like to do business with traders from further afield than dubai and china would also be great to buy goods directly from europe but for that bank transfers would have to be

reinstated. visas should be given more freely to business people to. create a saturday. but he says more and more traders from other countries are turning away for now his business remains restricted to dubai and china. for more now let's cross over to. joins us on the phone from the iranian island of consume just give us a quick update on the latest in the tank a crisis. well the doing inside is apparently ready for an tanker exchange we heard from a source within the revolutionary guards that the british tanker has apparently been moved in the last days from the place it was captain to the payment a couple of weeks ago a bit closer to the port of plunder abbas a place we aren't allowed to go because of increased presence of sitcom military forces there so i think think giving moving but at the same time everybody's

waiting for decision and give us where the iranian tankers being detained because one thing is for certain the iranians will not make the 1st move yet long as it's going into space where it is the same is true for the british one here in the strait of hormuz. is at the top prize only being at being a symptom of the overall economic crisis companies in iran are having a hard time life every day i write iranians isn't any easier inflation of galloping what are you hearing when you talk to people that. yeah people here in iran are really suffering from the bad economic situations i've been talking to people and you know question on the streets and they've told me that in the past 12 months the prices for simple stabilizes like chicken and vegetables have gone up the last 2 major for example today are 5 times more expensive than mom and dad and the constant decline of the value of their own current she's. called them financial misery for many iranians especially of call for the core the poor ones who were

already struggling to make ends meet before all of that happened. here in the top of that reporting from the iranian island of kish some so it's actually very much. for u.s. president donald trump threatened once again to pull the united states out of the world trade organization on tuesday the kremlin reactance from the also saying the existence of the would be in serious doubt of major economies such as the united states left it and the u.s. is already paralyzing the body finally blocking the appointment of new arbitrators for the organizations appeal called the tough times for the. in the long running dispute between the u.s. and europe both sides accuse each other of illegally subsidizing their respective aircraft manufacturers and both sides have turned to the w t o to mediate in their cases now the world trade organization has ruled in separate proceedings that both boeing and airbus have received illegal subsidies. but the w.

geos role as a neutral arbitrator in disputes could soon be over if the u.s. continues to block the appointment of new judges for the appellate body the organization will be unable to make rulings by the end of the year the w t o is stepping up efforts on a contingency plan but time is running out the organization already has its hands full the volume of goods affected by higher tariffs or other trade barriers is reaching new records the world trade organization wants to ensure that trade barriers are not imposed in the 1st place. well as to what the future of the dolphins you know with laura from don yes she's with the institute for international security affairs and think tank. donald trump accused of unfair treatment toward the u.s. saying washington doesn't have to abide by its rulings the kremlin now said in a reaction if the u.s. pulls out what's the point of the w t o can it be rescued yes of course it can be

rescued i mean the w t o essentially rests on to put us one of them is negotiations among the 164 member states and the other pillar is dispute settlement and now we're talking about a blockage of the dispute settlement body the 2nd stage of the body so the most important it is a crucial one it's been crucial since the founding of the w t u n one $195.00 but there are plenty of suggestions on how to rescue the body i mean you itself is promoting reform proposals that it has come up with and already last december and there are other countries also japan and other asian nations that are trying to come up with reform proposals but at this point the u.s. is simply denying that there's any way out of this crisis what i mean if what if it happens if the u.s. really says we're pulling out of the w t o i mean anything can happen under the in

the trump administration the biggest economy in the world wouldn't severely damage the whole concept yes but one also has to see that the same time it would be a completely irrational step for the u.s. government to take not on her don't yes but it lots of business interest on tight to such a decision and at this point the u.s. only covering about 40 percent of its foreign trade with. preferential trade agreements outside of the w.t. oh so if they stepped out of that organization it basically means that any country can you know come up with any kind of to. against u.s. goods what's the worst case if the euro was no longer the body it is today but we would certainly end up in a situation of an icky trade because there would be a spiral for a tele asian countries imposing tariffs highly protectionist an environment and

that would be extremely bad news for an exploiting economy like the german economy and also for the e.u. in general but if we look at the the whole thing the conflict about the video and all the trade conflicts going on it seems that multilateralism seems to be dead and globalization relies on the multilateralism is globalization that yes multilateralism reliance on. globalisation relies a lot of electro listen but no it's not that i think saving the w t o a dispute settlement process which the e.u. is currently trying and it's come up with propose it's as i sat in that that would be one key to preserving multilateralism not talking about it in the abstract but really you have a case in point where you can show that all of your sunday talks taken seriously and you're taking action decisions and that's what brussels has to do you know i mean it's it's in their sort of real and they're responsible for trade policies so

they were european commission is freely in the key position here now. don is from the german institute for international and security events thank you very much for joining us thank you. know one of the trade spots as the whole world war 8 is there one between japan and south korea seoul wants japanese companies to pay compensation to koreans forces in labor and world war $2.00 now in the anniversary of japan surrendered to the us south korean president in offered an olive branch to tokyo calling for a wide ranging dialogue. demonstrators take to the rainy streets of seoul demanding compensation for labor is forced to work for japanese companies during the 2nd world war the issue has dampened relations between japan and south korea and lead to significant trade tensions the decades old debate was reignited last year when south korea's supreme court ordered japanese firms to compensate the

workers and seize japanese assets tokyo responded by imposing curbs on tech exports but it did that when. the victims of wartime forced labor have been fighting for compensation for the past 25 years we prepared today's protest to fight alongside them until they get an apology and compensation from japan. to be. there a tentative signs that tensions might be easing on the anniversary of japan's 2nd world war surrender a south korean president mungy in code for a wide ranging dialogue surely don't go we hope japan will help us facilitate peace and prosperity in east asia while it contemplates a past that brought misfortune to its neighbors if japan chooses the path of dialogue and cooperation who gladly join hands. with you on. japan is also marking what for it was the end of the 2nd world war the commemorations have seen politicians visit the yes the cooney shrine which also houses the remains of war

criminals visits to the sites always touch a nerve among japan's asian neighbors especially china and south korea the visits may add to pressure on seoul to hold its line in the trade war. and that's it for this edition of the the view business asia for you can always circle website which is of course the governor dot com slash business and please do follow us on social media we're on twitter and facebook now before i let you go here's a quick look at world markets this hour thank you very much for watching state you don.

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plane. could play play. play this is d w news live from berlin enjoy vulture is to release the iranian oil tanker seized last month the supreme court approved. bring the ship the grace one despite a last minute please from u.s. authorities it could mean a swap with a british flag tanker being held by a wrong. also coming up to the plate the plastic scientists say they have found micro particles of it in the arctic snow we will look at white plastic pollution in a litter some of the early earth's most pristine in.