• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Japan Will Reinstate South Korea as Preferred Trade Nation as Two Sides Improve Ties
Finance

Japan Will Reinstate South Korea as Preferred Trade Nation as Two Sides Improve Ties

June 27, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Japan Will Reinstate South Korea as Preferred Trade Nation as Two Sides Improve Ties
Share
Facebook Twitter LinkedIn Pinterest Email

Tokyo Report | Economy | East Asia

Japan’s tightening of trade controls against Seoul in 2019 was widely seen as retaliation for a South Korean court ruling on World War II-era forced labor.

Advertisement

Japan announced a decision Tuesday to reinstate South Korea as a preferred nation with fast-track trade status starting July 21, virtually ending a four-year economic row that was further strained during their bitter historic disputes.

Trade Minister Nishimura Yasutoshi told reporters that Japan and South Korea have also agreed to set up a framework to review and follow up on the systems as needed.

Japan and South Korea have been rapidly mending their ties as they deepen three-way security cooperation with Washington in response to growing regional threats from North Korea and China.

Lee Do-woon, spokesperson of South Korean President Yoon Suk-yeol, called Japan’s step a symbolic measure that underscores the countries’ “fully restored bilateral trust” and the removal of uncertainty in trade.

“For the first time in four years, all export restrictions between the countries have been lifted,” Lee said in a briefing Tuesday afternoon. “With import and export procedures getting simplified, we expect exchanges and cooperation between the countries’ companies to accelerate.”

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

Reinstating South Korea’s preferential status will end a four-year trade dispute that began in July 2019 when Japan removed South Korea from its “white list” of countries given fast-track approvals in trade as ties deteriorated over compensation for Japanese wartime actions.

Japan’s tightening of trade controls against Seoul was an apparent retaliation for South Korean court rulings in 2018 that ordered Japanese companies to compensate Korean workers for abusive treatment and forced labor during World War II, when the Korean Peninsula was under Japanese occupation.

See also  Source: Dutch, Japanese Join US Limits on Chip Tech to China

Japan also tightened export controls on key chemicals used by South Korean companies to make semiconductors and displays, prompting South Korea to file a complaint with the World Trade Organization and remove Japan from its own list of countries with preferred trade status. Outraged by Japan’s apparent retaliation, many South Koreans also supported an unofficial movement to boycott Japanese products.

Advertisement

Their ties have improved rapidly since March on an initiative by Yoon’s government to resolve disputes stemming from compensation for wartime Korean forced laborers. Yoon traveled to Tokyo that month for talks with Prime Minister Kishida Fumio and agreed to rebuild the countries’ security and economic ties.

After their talks, South Korea withdrew its complaint at the WTO. Japan simultaneously confirmed its removal of the key chemicals export controls. South Korea has also since reinstated Japan’s preferential trade status.

Kishida paid his own visit to South Korea in May and Yoon returned to Japan to attend the G-7 summit in Hiroshima later that month. It was a dizzying pace of diplomatic engagements for two countries that previously hadn’t exchanged top-level bilateral visits since 2018.

Meanwhile, the Japanese government has been trying to gain South Korea’s understanding in a plan to release the treated radioactive water from the tsunami-wrecked Fukushima Daiichi nuclear power plant into the ocean. It’s a highly contentious plan that faces strong opposition from South Korea and other neighboring countries, as well as local fishing communities concerned about safety and reputational damages.

During Kishida’s visit to South Korea, the two sides agreed to arrange a visit by South Korean experts to the Fukushima plant to examine the treatment process, but the arrangement failed to sway critics in South Korea.

See also  ‘They Came With Their A Game’: Donald Trump, Scott Bessent Reveal Which Country Could Be Close To Making Trade Deal
improve Japan Korea Nation preferred Reinstate sides South ties trade
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Trump Admin Ready To Provide Another Round Of Financial Aid To Farmers Impacted By China Trade War

April 28, 2025

‘They Came With Their A Game’: Donald Trump, Scott Bessent Reveal Which Country Could Be Close To Making Trade Deal

April 24, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Suspect arrested in Las Vegas shooting murder of Tupac Shakur

September 30, 2023

The EUDR Hints at the Limits of Market Access as Leverage

October 15, 2024

Trump Mourns the Death of Bobby Knight: ‘An Incredible Person’

November 2, 2023

How To Hack Your Skincare for Pollution Protection

January 4, 2024
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Older Honda CR-Vs, Volkswagen SUVs among 790,000 recalled cars this week. Check recalls here.

April 10, 2023

4 Key Strategies For HC Leaders To Foster Systemness And Individuality

September 10, 2023

Morning Bid: Jumpy around jobs

March 10, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.