In the recent time, South Korea followed through the plans to remove Japan from a list of nations receiving fast-track sanctions in trade, which is a reaction to a related move by Tokyo to depreciate Seoul’s trade position in the middle of a tense diplomatic spat. South Korea’ trade ministry stated that Japan’s elimination from a 29-member “white list” of countries benefitting from minimum trade limitations went into action since Seoul reorganized its export control system including hundreds of sensitive materials that can be utilized for military and civilian purposes.
The change came a week following South Korea started a complaint to the WTO (World Trade Organization) over a distinct Japanese move to constrict export controls on important chemicals South Korean firms use to produce displays and semiconductors. Apparently, Seoul has blamed Tokyo of weaponizing trade to hit back against South Korean court judgments calling for Japanese firms to present compensations to South Koreans forced into labor for the period of World War II. As per to South Korean trade ministry, with the latest steps in action, it can now take at least 15 Days for South Korean firms to gain sanctions to export responsive materials to Japan, in comparison to the 5 Days or less it took for a simpler investigation procedure provided for preferred trade partners.
On a similar note, earlier, South Korea stated that it would discontinue intelligence-sharing agreement with Japan over tensions. South Korea publicized that it will abandon a military intelligence-sharing truce with Japan in a step that noticeably shoots up tensions amid the two nations and underscores the US’ diminishing leadership across the region. The South Korean verdict on revamping the security agreement—a deal the U.S. had pushed partly to make sure tight scrutinizing of North Korea’s missile activity—had been expected as a barometer of links amid Seoul and Tokyo.