Tasnim
18 Sep 2019, 12:06 GMT+10
TEHRAN (Tasnim) - South Korea officially removed Japan from its list of trusted trade partners on Wednesday, upping the stakes in the two countries'; high-profile trade row, which largely stems from their shared history.
- Other Media news -
Under the new classification scheme, Seoul';s trade ministry regroups its trading partners into three from the previous two, placing Tokyo in the in-between group.
Local companies shipping strategic goods to Japan will now have to submit five documents to win individual approval, which is more than the previous three. The approval process will also take around 15 days, longer than the previous five, according to the ministry.
Korean exporters also need to go through tougher and longer procedures to win comprehensive approval to ship goods to Japan for a two-year expiry, shorter than the three-year period granted for trusted countries, it said, Yonhap news agency reported.
Seoul claimed that all trusted partners 'operating an export control system that violates international norms' and 'having difficulties in seeking an international cooperation' will no longer be given favors, although Japan will be the only country in the in-between bracket.
The removal came a month after Seoul warned of such actions in response to Japan';s restrictions on exports of three key industrial materials to South Korea, which started in July.
Late last month, Japan also removed South Korea from its own list of trade partners, raising allegations over South Korea';s export control system, including the chance of Japanese goods being be diverted for military purposes by third-party countries, although it did not concrete evidence.
In a separate action, South Korea filed a complaint with the World Trade Organization (WTO) last week over Japan';s curbs of exporting key industrial materials to Seoul. The complaint, however, does not cover Japan';s removal of South Korea from trusted trading partners.
Tokyo';s move is widely seen as retaliation for a verdict made by a Seoul court last year that ordered Japanese firms to compensate Korean victims for their wartime forced labor during its 1910-45 colonial rule.
Japan has been protesting the court';s verdict, claiming that all reparation issues stemming from its colonial rule of Korea were settled under a 1965 accord that normalized bilateral ties.
Get a daily dose of North Korea Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Korea Times.
More InformationATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...