Following Tokyo's removal of South Korea from a shortlist of countries to which it grants preferential trade access, Seoul has reportedly begun reviewing revisions to its own trade laws in regards to Japan-bound export shipments.

The proposal was apparently discussed at an emergency finance meeting Thursday at which Finance Minister Hong Nam-ki was present. 

However, Seoul deferred making a final decision, although it had reportedly planned to announce revisions to remove Japan from the preferential list after the meeting. 

South Korea currently classifies its trading partners into two groups, the first group consisting of 29 nations that adhere to four multilateral export control regimes which Seoul deems trustworthy, including the United States and Japan.

Seoul is considering creating a third group to which only Japan would belong. 

If Tokyo is removed from the first group, it would be required to seek case-by-case approval for each export item from South Korea, instead of single a permit valid for all shipments in a certain time period.

The new classification would impose restrictions on South Korean exporters to Japan similar to the curbs imposed on Japanese exporters to South Korea as a result of South Korea's removal from a shortlist of preferential trade partners, effective August 28.