Japan removed Seoul's fast-export status in late August after imposing tighter controls on exports of three materials to South Korea used in chips and display industries. South Korea on Monday filed a WTO dispute with Japan on export curbs.
SEOUL: South Korea said on Wednesday it had approved plans to drop Japan from its "white list" of countries with fast track trade status, responding with a tit-for-tat move that intensifies a growing diplomatic and trade spat between the two countries.
Tighter trade regulations take effect immediately on Wednesday, including longer permit application processes and additional paperwork that will apply to South Korean exports to Japan related to weapons production, the Ministry of Trade, Industry and Energy said in a statement.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
