A truck drives between shipping containers at a container terminal at Incheon port in Incheon, S.Korea. File photo/ Reuters
South Korea said on Monday it plans to drop Japan from its “white list” of countries with fast-track trade status from September, a tit-for-tat move that deepens a diplomatic and trade rift between the two countries.
Tighter trade regulations, including potential lengthy permit application processes, will apply to South Korean exports to Japan related to weapons production and machine tools, the Ministry of Trade, Industry and Energy said in a statement.
Japan announced earlier this month that it was removing South Korea from its own “white list” of countries that have enjoyed minimum trade restrictions. South Korea last week held off making a retaliatory move.
South Korea warned Japan on Thursday that it would be forced to review security cooperation between the two key US allies if Tokyo pushes ahead with plans to remove Seoul from its “white list”
Japan’s cabinet on Friday approved a plan to remove South Korea from a list of countries that enjoy minimum export controls, a move likely to escalate tensions fuelled by a dispute over compensation
Japan and South Korea ratcheted up tension on Tuesday in a diplomatic dispute that threatens to disrupt global supply of smartphones and chips, with Seoul denouncing Japanese media reports
South Korea on Wednesday followed through with plans to drop Japan from a list of countries receiving fast-track approvals in trade, a reaction to a similar move by Tokyo to downgrade Seoul’s trade status amid a tense diplomatic dispute.
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