South Korea restored the status of Japan in the “white list” of trading partners
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South Korea has reinstated Japan on its list of priority trading partners, a move that is important in improving relations with the country, which, along with the United States, seeks to make global supply chains less dependent on China.
It is reported The Japan Times with reference to the announcement of the Ministry of Trade, Industry and Energy of South Korea.
Returning Japan to the “white list” of South Korea’s trading partners will reduce bureaucratic red tape for exporters. In particular, the term of review and approval of strategic goods bound for Japan will be reduced to five days instead of 15, and the number of required documents will be reduced to three out of five.
The move is part of a broader effort by the two countries to mend strained diplomatic ties over World War II reparations and concerns over the sharing of sensitive technology. Relations soured in 2019 when Japan removed South Korea from its list of preferences, prompting similar retaliation.
The recent reconciliation efforts are a significant step for the two Asian economies, which play a crucial role in the global supply chain and have strong ties to the US.
Currently, South Korean President Yoon Suk-yeol is preparing for a visit to the United States, accompanied by more than 100 heads of the country’s leading companies. During the visit, Yun is expected to meet with US President Joe Biden to discuss economic cooperation and the development of supply chains for goods such as semiconductors without dependence on China.
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