The South Korean government is issuing an official public notice today that it's changing the law on trade, the next step in removing Japan from its whitelist of trusted trade partners.
Seoul's trade ministry says. the pre-announcement of the law's revision would be posted online today and it will accept opinions on it from the public for 20 days.
The revision would downgrade Japan's fast-track status by one notch and establish a new classification in Seoul's export system.
That means the process for South Korean companies importing strategic materials and products from Japan will require more documents and may take as many as 15 days, rather than the current five.