Photo/Illutration South Korean President Yoon Suk-yeol, left, meets Japanese Prime Minister Fumio Kishida in Tokyo on March 16. (Koichi Ueda)

SEOUL-–After a four-year hiatus, South Korea has reinstated Japan on its list of preferential trade partners, the country’s Ministry of Trade, Industry and Energy announced April 24.

Preferential trade partners are entitled to simplified export control procedures.

Japan and South Korea removed each other from their lists of preferential trade partners in 2019.

However, South Korea decided to put Japan back on its list without waiting for Japan's move after a meeting between Prime Minister Fumio Kishida and South Korean President Yoon Suk-yeol in March, which improved bilateral relations.

With the reinstatement of Japan to South Korea’s list of preferential trade partners, the country’s businesses will enjoy benefits in exporting goods to Japan.

For example, South Korean authorities will check goods to be exported to Japan in shorter periods.

Businesses will also have to submit less paperwork to South Korean authorities to export goods.

It is believed the unilateral move is aimed at encouraging Japan to soon reinstate South Korea to its list of preferential trade partners.

The two countries’ relevant authorities have been discussing the reciprocal action and will have meetings in Japan on April 24 and 25.

Other moves to improve economic relations between the two countries have also been accelerating.

Japan has already lifted tighter controls it had imposed in 2019 on exports to South Korea of three chemicals used to manufacture semiconductor chips.

As a result, South Korea withdrew the complaint it had filed with the World Trade Organization (WTO) on the grounds the restrictions were in violation of the WTO rules.