Seoul will exclude Tokyo from the list of trusted trade partners

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The Republic of Korea (ROK) has decided to exclude Japan from the list of partner countries to which the simplified procedure may ship goods Korean production.

On Monday the Minister of trade, industry and energy Yoon sung-Mo, reports the Chronicle.info with reference to the UNN.

“It is necessary to introduce a system of export controls as problematic to cooperate with a country that occasionally violates the basic principles of trading,” said sung young Mo at a briefing in Seoul.

Under the new rules, Japan will be included in the second of the three categories of trading partners. Thus, South Korean companies will be required to submit a separate request for permission to export goods to Japan. The request process will be about 15 days, which is 10 days longer than under the current system.

The corresponding decision will come into force after 20 days, during which the South Korean government intends to bring this initiative to the attention of the citizens of the country. Previously, Japan belonged to the first category trading partners along with 29 other States, in which South Korean companies under the simplified procedure can deliver the goods. The third category listed countries, exports may be allowed only as an exception under special circumstances.

Meanwhile, the President of South Korea, moon Jae-In called for a balanced response to the restrictive measures against Tokyo and Seoul in the sphere of trade. His words are quoted in the Monday the Agency Yonhap.

“Our response to restrictions on trade of Japan should not be emotional, — stressed the head of state at a meeting with his advisers. — It is necessary not only to keep resolve, but also to make important decisions, given the long-term prospects.”

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