South Korea strengthens its trade relations with Japan after three years of ‘impasse’

24 Apr. (EUROPE PRESS) –

The South Korean authorities have strengthened their trade relations with Japan on Monday after three years of ‘impasse’ in the face of territorial and historical disputes between the two countries.

The South Korean government has reported that it has reintroduced Japan to its ‘White List’ of countries with minimal trade restrictions after its withdrawal in 2019 at the height of tension.

This allows Japanese companies that export “strategic” materials to undergo a shorter review period (five days instead of fifteen) and thus overcome a simpler bureaucratic process.

Both South Korea and Japan made the decision to introduce certain trade restrictions as tensions increased between the two over the dispute over the compensation requested by Seoul to compensate victims of forced labor during the Japanese colonial era in Korea.

The two countries, however, have vowed to rectify these issues during a meeting last month after South Korean authorities announced they would compensate victims with money from a government-backed fund.