Korea removes Japan from whitelist of preferred trading partners

Minister of Trade, Industry and Energy Sung Yunmo on Aug. 12 announces Japan's removal from the country's whitelist of preferred trading partners in a news conference at Government Complex-Sejong. (Ministry of Trade, Industry and Energy)

Korea removes Japan from whitelist of preferred trading partners

 

Aug. 13, 2019

Global Korean Post

Koreanet

By Song Baleun and Kim Hwaya

The Ministry of Trade, Industry and Energy on Aug. 12 announced that it removed Japan from Korea’s whitelist of trusted trading partners.

Minister Sung Yunmo said in an urgent news conference, “We subdivided Category A, which contains whitelist countries, into A-1 and A-2 in the Public Notice on the Trade of Strategic Goods,” adding, “Existing whitelist countries are in Category A-1 and Japan in Category A-2.”

“The new category of A-2 will include a country that runs an export control system that violates global rules among signatories to four international agreements on export controls.”

In principle, export controls for A-2 countries will remain the same as those in Category B, which includes North Korea. Exporters, however, will receive exemptions for documents related to select export items and transit permission for strategic items.

Among the stricter standards to be applied is the requirement of five documents instead of three for individual exports. The examination period was also extended from within five days to 15, but this is still far shorter than Japan’s (90 days).

The new classification will be implemented next month after a 20-day period in which the government gathers public opinions and conducts a regulation screening, in addition to the Ministry of Government Legislation doing its own legal review.

“During the opinion-gathering period, the government is ready to discuss the issue (Japan’s removal from the whitelist) anytime and anywhere the Japanese government wants to,” Sung said.

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