India Implements Further Restrictions on Trade With North Korea
AP Photo/ Jon Chol JinBusiness17:37 21.10.2017Get short URL234721
Following tensions between the US and North Korea, bilateral trade between India and North Korea has been on the decline. There was $133.43 million worth bilateral trade the two nuclear powers in 2016-17 as compared to $198.78 million in the previous fiscal.
New Delhi (Sputnik) — The government of India has implemented stiff trade regulations on export and import of certain goods from North Korea, in addition to the already existing restrictions. The step has been taken in line with the latest United Nations’ draft resolutions in response to the latest nuclear tests carried out by Pyongyang in contravention to international agreements.
“The direct or indirect supply, sale, transfer or export of specified items to North Korea is prohibited,” India’s Directorate General of Foreign Trade said in a notification.
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According to the notification export of items like condensates and natural gas liquids, refined petroleum products and crude oil to North Korea is prohibited. Likewise, direct or indirect procurement or imports of products including seafood, lead ore and textiles have been restricted.
“Amendment in Para 2.17 of the Foreign Trade Policy 2015-2020 on imports and exports to Democratic People’s Republic of Korea (DPRK) in terms of UNSC resolutions concerning DPRK,” the notification read.
There were already stiff restrictions in place for Indian traders on the direct or indirect supply, sale, transfer or export of all kinds of arms, weapons and related material.
Last month, the UN had adopted a resolution that imposed a ban on condensates and natural gas liquids, a cap of 2 million barrels a year on refined petroleum products and a cap on crude oil exports to North Korea at current levels.