Japan amends a rule, South Korea officially returns to "white list"

On June 27, Japan announced its decision to put South Korea back on its “white list” of trusted trade partners after about four years, in a move to improve bilateral economic relations.

Japan puts South Korea back on its list of trusted trade partners. (Source: Korea Herald)

According to the South Korean Ministry of Trade, Industry and Energy, the Japanese Ministry of Trade has decided to amend a rule, thereby returning Seoul to “Group A”.

This means giving South Korea export incentives. The measure is expected to take effect around mid-July.

In 2019, Tokyo downgraded Seoul to “Group B” after imposing export restrictions on three key industrial materials in retaliation for a South Korean Supreme Court ruling.

Last March, the two sides pledged to restore trade relations after South Korea announced a plan to compensate victims of forced labor without asking Japan to contribute.

Also during the same period, Tokyo lifted export restrictions on Seoul after South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida agreed to make joint efforts to improve bilateral relations.

South Korea put Japan back on its “white list” in April.

Source: https://baoquocte.vn/nhat-ban-sua-doi-mot-quy-tac-han-quoc-chinh-thuc-tro-lai-danh-sach-trang-232494.html