Japan announces details of enforcement of export regulations

Today's the day we find out how much damage Japan's trade curbs will do to South Korean companies,... or at least get a far better idea.Japan's government has published its detailed regulations for its enforcement of export regulations.We have Hong Yoo on the line.What do we know about this list that was put out by Tokyo a few hours ago?Well Mark, Japan's detailed enforcement of export regulations includes its decision last Friday to exclude South Korea from the so-called whitelist of preferential trading partners.These new regulations will come into effect after 21 days.This means that some items out of the 1100 strategic materials that can be used for military purposes will not benefit from a simplified inspection process.Even non-regulated items that Japan considers could be used to develop weapons will be subject to separate approval and have to go through a long process of export approval by Japan's trade ministry.Japan also announced a new system of classifying trade partners into groups A to D.Under the new system, countries included on the whitelist will be classified into group A in which Japan's regulated items benefit from a separate screening exemption if they get approval from Japan's trade ministry once every three years.South Korea is categorized into group B and will have to go through a more difficult process of export approval.But even for countries in group B, some items get special general comprehensive authorization so they can benefit from a screening exemption.Special general comprehensive authorization is given to Japanese companies selected by the Japanese government for their approved export management.Countries categorized into group D are those that Japan's trade ministry judges to have low credibility like North Korea and Iraq.Back to you Mark.