South Korea to drop Japan from own trade 'white list'

South Korea's finance minister says his country will take steps to remove Japan from its own "whitelist" of nations receiving preferential trade treatment to retaliate against Tokyo's decision to downgrade Seoul's trade status.

Busan Harbor, Busan, Yeongnam, South Korea. [File Photo: IC]

Hong Nam-ki also on Friday said South Korea will speed up efforts to file a complaint with the World Trade Organization over Japan's strengthened export controls.

South Korean officials didn't immediately offer a specific explanation on how Japan's removal from Seoul's 29-country list would impact trade, but said more details will be provided in a news conference next week.

Hong says Japan's strengthened export controls could affect nearly 1,200 items deemed as sensitive. He says Seoul will closely manage and assist the imports of 159 items where South Korean companies are most reliant on Japanese makers.