South Korea's Yoon says Japan will return to trade 'white list'

Japan's Prime Minister Fumio Kishida and South Korea's President Yoon Suk Yeol attend a meeting at the prime minister's official residence in Tokyo, Japan, March 16, 2023. Kiyoshi Ota/Pool via REUTERS

South Korean President Yoon Suk Yeol said on Tuesday he would restore Japan's fast-track trade status after a summit with Japanese Prime Minister Fumio Kishida last week, a move he called crucial for bolstering supply chains in key areas.

Yoon announced the decision at a cabinet meeting, saying South Korea and Japan should make efforts to remove obstacles that hinder developing bilateral ties.