Which of the following statements is true about the trade status of Japan and South Korea?
I.   South Korea recently added Japan to its list of countries receiving fast - track approvals in trade .
II. Japan and South Korea currently have no preferential trade agreement .
III. South Korea downgraded Japan's trade status in 2019 due to historical grievances .

South Korea formally restored Japan to its list of countries it gives preferential treatment in trade, three years after the neighbours downgraded each other's trade status amid a diplomatic row fuelled by historical grievances . In September 2019, South Korea dropped Japan from its white list of countries receiving fast - track approvals in trade, reacting to a similar move by Tokyo . About South Korea Capital : Seoul                                                Currency : Korean Republic won About Japan Capital : Tokyo                                              Currency : Japanese yen