South Korea has gone through with plans to drop Japan from a list of countries receiving fast-track approvals in trade. It's a reaction to a similar move by Tokyo to downgrade Seoul's trade status amid a tense diplomatic row.
Lee Ho-hyeon, a director general for International Trade Policy at the Trade, Industry and Energy Ministry, speaks at the government complex in Sejong, South Korea, Wednesday, Sept. 18, 2019. South Korea has gone through with plans to drop Japan from a list of countries receiving fast-track approvals in trade in a tit-for-tat reaction to a similar move by Tokyo to downgrade Seoul's trade status amid a tense diplomatic dispute.
South Korea’ trade ministry said Japan’s removal from a 29-member “white list” of nations enjoying minimum trade restrictions went into effect as Seoul rearranged its export control system covering hundreds of sensitive materials that can be used for both civilian and military purposes. According to South Korean trade ministry, with the new measures in effect it can now take up to 15 days for South Korean companies to gain approvals to export sensitive materials to Japan, compared to the five days or less it took under a simpler inspection process provided for favored trade partners.
The trade dispute between the neighbors began in July when Japan imposed tighter export controls on three chemicals South Korean companies use to produce semiconductors and displays for smartphones and TVs, which are major export items for South Korea, citing unspecified security concerns over Seoul’s export controls.
Following an angry reaction from Washington, Seoul later said it could reconsider its decision to end the military agreement, which remains in effect until November, if Japan relists South Korea as a favored trade partner.
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