South Korea to revive Japan’s preferential trade status

South Korean President, Yoon Suk Yeol stated on Tuesday, that his government will take the measures needed to restore Japan’s preferential trade status.

Despite the fact that the two countries share strong cultural and economic ties; historical disputes have been affecting various aspects of bilateral relations between Japan and South Korea.

The president expressed the need for strengthening economic ties with Japan, especially given current global economic and political situation. Current challenges include supply disruptions in addition to intensifying global rivalries between dominant political powers.

“I thought it would be like neglecting my duty as president if I had also incited… anti-Japan sentiments to use them for domestic politics while leaving behind the current, grave international political situation,” the president said.

Yoon also referred to his government’s attempts to heal the wounds of Japan’s colonial rule of the Korean peninsula. South Korean government has announced earlier this month it will use local funds to compensate the forced labour victims of this period.

Ahn Ho-young, spokesperson of the main opposition Democratic Party said the president’s stance does not justify adopting a diplomacy that hurts South Korea’s national pride.

The South Korean president said he expects reciprocity from the Japanese side to follow his country’s initiative to “pre-emptively eliminates obstacles.”