"Japan Reinstates South Korea as Preferred Trade Partner in July"

Japan will relist South Korea as a preferred trade partner on July 21, signaling a thaw in bilateral relations. This comes after South Korea removed Japan from its own white list. The move marks the normalization of trade between the two countries, which had deteriorated due to historical tensions. They are also close to resuming a bilateral currency swap agreement. The decision to relist South Korea was made after confirming the effectiveness of Seoul's export system. Both countries have agreed to establish a follow-up scheme to review export control systems if necessary.