Newsnomics AJAY ANGELINA reporter |
Japan put South Korea back in the Appended Table 3 of the Export Trade Control Order also known as Japan’s “white list” of trading partners after the restrictions of four years announced by the Ministry of Trade, Industry and Energy (MOTIE), South Korea on June 27, 2023.
The promulgation will be made on June 30, and the amendment will enter into force starting July 21.
The decision came after the Cabinet meeting held earlier the same day signifies that Korea-Japan export control issues are fully resolved that will benefit both Korean and Japanese firms can enjoy softer requirements and blanket licenses in exporting strategic goods to Korea without long wait for 90 days for the clearance.
South Korean Ministry of Trade, Industry and Energy (MOTIE) has decided to amend simplified trade control guidelines to facilitate the large number of Korean businesses will be able to trade with Japan faster.
Since March 6, South Korea and Japan have been making concerted efforts to restore bilateral trade relations between the two countries by announcing a joint message on export control issues, holding policy dialogues on export control and to lift Japan’s export controls on three items: fluorine polyimide, photoresist and hydrogen fluoride used by Korean chipmakers.
In 2019, Japan removed South Korea from its “white list” as trading partner that left the Korean semiconductor industry and policymakers helpless, accounts for about a fifth of Korea's total exports.
Two months later, Korea submitted complain in the World Trade Organization (WTO) seeking remedies over the export curbs and then removed Japan from Korea’s “white list”.
But now, the two countries are going to restore their bilateral trade relations assessed that “trust in trading between the two countries has fully recovered said the Korean Ministry of Trade, Industry and Energy.
The ministry mentioned, “thanks to the March summit meeting, Korea’s preemptive white list reinstatement of Japan, and the in-depth policy discourse between MOTIE and Japan’s Ministry of Economy, Trade and Industry (METI),”
“Korea and Japan will continue to make joint efforts concerning bilateral and multilateral export control issues in the future,” the ministry said.
