India stiffens restrictions on trade with North Korea

DGFT has widened the prohibition on direct or indirect import and export from/to North Korea

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New Delhi: India has put in place a stricter regime for trade with North Korea in line with the restrictions imposed by the United Nations.

The Directorate General of Foreign Trade (DGFT) has come out with a notification to widen the prohibition on direct or indirect import and export from/to North Korea. “The direct or on direct or indirect supply, sale, transfer or export of specified items to North Korea is prohibited,” it said.

The items include condensates and natural gas liquids, refined petroleum products and crude oil. Similarly, direct or indirect procurement or imports of products including seafood, lead ore and textiles are facing restrictions.

The “notification seeks to update the para 2.17 of the foreign trade policy (2015-20, on imports and exports to North Korea, to account for UNSC (United Nations Security Council) Resolutions…,” it added. The bilateral trade between India and North Korea declined to $133.43 million in 2016-17 from $198.78 million in the previous fiscal.

Source livemint.com
Via livemin.com

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