Seoul's National Security Advisor expects Japan to announce around the end of July that it will exclude South Korea from a "white list" of countries receiving preferential trade treatment and that Tokyo will cite national security grounds.
According to the chair of the minor opposition Party for Democracy and Peace during Thursday's meeting with party leaders, Chung Eui-yong said Tokyo is in the process of removing South Korea from the list.
Should that happen, South Korea will have to receive individual six-month approvals for more than 850 products it imports from Japan.
The leader of the minor opposition Justice Party, said Chung mentioned Seoul may have to reconsider renewing the General Security of Military Information Agreement with Japan, signed in 2016 to effectively respond to North Korea's threats.
Seoul wants to stay the pact, that may change depending on the circumstances.