South Korea reinstates Japan on preferential trade partner list

Seoul, Apr 24 (EFE).- South Korea Monday reinstated Japan on the list of preferential trade partners as the two countries move to improve their bilateral partnership after three years of frosty business ties.

The Ministry of Trade, Industry, and Energy said the move would allow South Korean companies that export strategic goods to Japan to undergo simplified review and control procedures.

South Korea removed Japan from the list in 2019 after Tokyo approved an export boycott of products for making screens and semiconductors – the country’s main export.

It was in response to a South Korean Supreme Court decision to demand compensation from Japanese companies that enslaved Koreans during World War II.

However, last month the two countries agreed to work toward improving bilateral security and economic ties after President Yoon Suk-yeol announced plans to use South Korean funds to compensate the forced laborers without requiring Japanese contributions.

Yoon traveled to Tokyo in March to meet with Japanese Prime Minster Fumio Kishida.

Japan withdrew the export curbs in March and is awaiting a parliamentary nod to the law to include South Korea on its list of preferential trade partners.

The South Korean Industries Ministry said the government added 741 more items to the list of products from the chemical, steel, automotive, semiconductor, and quantum computing sectors.

The export of these products to Russia and Belarus is banned due to international sanctions in the wake of the Russian invasion of Ukraine. EFE


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