South Korea's presidential office has welcomed Japan's reinstatement of South Korea to its list of countries with preferential trade status which allows simplified export procedures.

Presidential office spokesperson Lee Do-woon said Tuesday the reinstatement is a symbolic measure which shows that bilateral trust has been restored and uncertainties over trade have been eliminated.

Lee noted the move came as the leaders of Japan and South Korea resumed shuttle diplomacy and economic cooperation has become more active. He added that Seoul hopes exchanges between corporations of the two countries will accelerate.

Seoul's Ministry of Trade, Industry and Energy said in a statement that the bilateral trust over export controls has been fully restored. It said the two countries' authorities have held intensive trade policy talks since President Yoon Suk-yeol visited Japan in March.

The ministry said South Korea will continue to push for close cooperation with Japan on various bilateral and multilateral trade issues.

Earlier in the day, Japan's Cabinet approved restoring South Korea to the preferential trade status list. In 2019, Tokyo tightened export controls against Seoul and removed it from the list of preferential trade status countries, citing security concerns.