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South Korea to drop Japan from its fast-track trade 'white list'

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South Korea to drop Japan from its fast-track trade 'white list'
FILE PHOTO: National flags of South Korea and Japan are displayed during a meeting between Komeito Party members and South Korean lawmakers at Komeito Party's headquarters in Tokyo, Japan, July 31, 2019. REUTERS/Kim Kyung-Hoon/File Photo   -   Copyright  Kim Kyung Hoon(Reuters)
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SEOUL (Reuters) – South Korea said on Monday it plans to drop Japan from its “white list” of countries with fast-track trade status from September, a tit-for-tat move that deepens a diplomatic and trade rift between the two countries.

Tighter trade regulations, including potential lengthy permit application processes, will apply to South Korean exports to Japan related to weapons production and machine tools, the Ministry of Trade, Industry and Energy said in a statement.

Japan announced earlier this month that it was removing South Korea from its own “white list” of countries that have enjoyed minimum trade restrictions. South Korea last week held off making a retaliatory move.

(Reporting By Heekyong Yang and Ju-min Park; writing by Jane Chung)

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