A South Korean nonpartisan consultative body has called on Tokyo to immediately retract its export restrictions and agree to negotiations with Seoul.

Following the inaugural meeting on Wednesday, the body's co-chair and Finance Minister Hong Nam-ki said officials, lawmakers and representatives from the private sector agreed Tokyo's new trade rules are unfair and inappropriate. 

The participants also urged Tokyo to suspend its push for additional measures, such as removing South Korea from a "whitelist" of countries given preferential treatment in export procedures.

Japan’s Shinzo Abe government is highly expected to approve South Korea's removal from the list on Friday, with the move going into effect as soon as late August.

Seoul plans to increase diplomatic efforts to garner international support in inducing Tokyo to retract the curbs, while providing financial and tax relief to local firms to minimize the damage.