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 trading partners after about four years, in a move to improve bilateral economic relations.

Hàn Quốc trở lại 'danh sách trắng' thương mại của Nhật Bản,

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 putting Seoul back in “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.

In March, the two sides pledged to restore trade ties after South Korea announced plans to compensate forced labor victims 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.

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