Japan puts S. Korea back to trade whitelist

Jun 28, 2023, 09:10 am

		0
Source: Getty Image Bank

AsiaToday reporters Kang Tae-yoon & Lee Wook-jae

The pending issues of export regulations between South Korea and Japan, which have continued since July 2019, have been completely resolved in four years.

According to Seoul’s Ministry of Trade, Industry and Energy, the Japanese government approved a motion at a Cabinet meeting on Tuesday to revise a rule to redesignate South Korea on its whitelist of trusted trading partners. The amendment will take effect starting July 21.

Since the announcement of a joint message of pending export regulation issues on March 6, South Korea and Japan have held an export management policy dialogue to promote measures to restore their ties, including Japan’s lifting of export regulations on three key industrial items.

South Korea’s redesignation on the Japanese whitelist would enable “general comprehensive permission” when exporting strategic materials from Japan to Korea, helping businesses in both countries by easing qualifications and requirements for application.

“Since President Yoon Suk-yeol’s visit to Japan in March, bilateral confidence has been restored by our preemptive whitelist restoration and in-depth policy dialogue with Japan,” the industry ministry said. “South Korea will continue to push for close cooperation with Japan on various bilateral and multilateral trade issues.”

#whitelist #Japan #South Korea