During the meeting, the two leaders pledged to strengthen ties between the neighboring countries for security and the economy.Īfter the summit talks in March, Japan’s economy ministry announced it will cancel restrictions on exports of three key materials for chips and electronics to Korea – fluorinated polyimides, photoresist and hydrogen fluoride. The Korea-Japan economic conflicts began to resolve in earnest in March of this year as Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida met in Tokyo in the same month. Seoul’s move reduced application procedures and paperwork for Korean exports of “strategic materials” to Japan, including those used for military purposes. Similarly, Korea announced on April 24 that it will restore Japan to its white list, or its list of preferential trading partners. The revision will be published on June 30 and will take effect on July 21. Through the revision, Japan will ease restrictions on its exports to Korea, including materials and technologies for weapons production.
Among the group members are the US, the UK and France. The Japanese government will revise its export rule to redesignate Korea as a Group A member state, which can benefit from fast-track approvals in trade, Korea’s trade ministry said on Tuesday. The Korea-Japan trade dispute is expected to be near the end as Korea took a similar measure in April. Japan has decided to put South Korea back on the list of its preferential trade partners, nearly four years after its removal. South Korean President Yoon Suk Yeol (left), Japanese Prime Minister Fumio Kishida in March 2023 (Courtesy of Yonhap News)
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