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South Korea to remove Japan from preferred trade list

AP  |  Seoul 

South Korea says it has decided to remove Japan from a list of nations receiving preferential treatment in trade in what was seen as a retaliatory move to Tokyo's recent decision to downgrade Seoul's trade status.

South Korean Trade Minister Sung Yun-mo said Monday that the government was removing Japan from the country's 29-country "white list" because it has failed to uphold international principles while managing its export controls on sensitive materials.

South Korean officials did not specify what they saw as Japan's problems in export controls. They say they will work to minimize negative impact on South Korean exporters and bilateral trade.

Sung said the changes are expected to enter effect sometime in September.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 12 2019. 11:35 IST