S. Korea to Drop Japan from List of Trusted Trade Partners
Seoul, Aug. 12 (Jiji Press)--The South Korean government Monday announced a decision to drop Japan from its list of trusted trade partners qualified for preferential treatment in export procedures.
Following the removal, seen taking effect around September, South Korean exporters to Japan will have to go through stricter procedures.
The measure, announced by the Ministry of Trade, Industry and Energy, is believed to be a tit-for-tat response to Japanese steps to tighten controls on exports to South Korea, including the removal of the country from a similar list set for Aug. 28.
South Korea currently divides into two groups export destinations for strategic items that could be used in weapons of mass destruction.
Japan will be transferred from the group enjoying the preferential treatment to a third group subject to stricter screenings that will be created newly.
[Copyright The Jiji Press, Ltd.]