South Korea to drop Japan from its fast-track trade ‘white list’

South Korea to drop Japan from its fast-track trade ‘white list’

South Korea to drop Japan from its fast-track trade ‘white list’

Written by Reuters

12 Aug, 2019 | 4:09 pm

Reuters – South Korea said on Monday (August 12) it plans to drop Japan from its “white list” of countries with fast-track trade status from September, a tit-for-tat move that deepens a diplomatic and trade rift between the two countries.

The tighter trade regulations, including potential lengthy permit application processes, will apply to South Korean exports to Japan.

Industry Minister Sung Yun-mo said that Japan would join a newly created trade category of countries that do not yet operate export control systems in line with “international export control principles.”

Relations between the two countries have soured since a ruling by South Korea’s Supreme Court last year that Japanese companies should compensate South Koreans who were conscripted as forced laborers during World War II.

 

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