SOUTH KOREA PULLED JAPAN OFF “LIST OF TRUSTED TRADING PARTNERS”




Selin ATAY-TDO- South Korea announced that Japan has beenremoved fromthe list of trusted trading partners.Japan companies weregaining convenience in foreign trade during the time Japan wason the list.

The Ministry of Trade, Industry and Energy announced that it would now evaluate Japan in a separate status as the “intermediate category country” they had just created. Japan was the first country to be covered by this new trade status.

"Any country in the status of a trusted trading partner, which implements an export audit that violates international norms and has difficulties applying for international co-operation, will henceforth be subject to the conditions in this new category," the ministry said in a statement.

On the other hand, Japan announced on August 2 that it was removing South Korea from the list of countries with privileged trade status.

The two countries had previously accused each other of illegally selling certain strategic items to North Korea, in violation of United Nations (UN) sanctions.