Japan will reinstate South Korea to its list of preferred trading partners on July 21—the first time in four years since they downgraded each other’s trading status over historical disputes.
Japanese Trade and Industry Minister Yasutoshi Nishimura said on June 27 that the two countries have agreed to establish a follow-up framework for reviewing the export control systems of both countries if needed.
Lee Do Woon, spokesperson of South Korean President Yoon Suk-yeol, called Japan’s step a symbolic measure that underscores the countries’ “fully restored bilateral trust” and the removal of uncertainty in trade.
“For the first time in four years, all export restrictions between the countries have been lifted,” Lee told reporters. “With import and export procedures getting simplified, we expect exchanges and cooperation between the countries’ companies to accelerate.”…