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Trade Ministry Tightens Control of Strategic Goods

Written: 2016-03-08 19:29:33Updated: 2016-03-08 19:33:00

The Ministry of Trade, Industry and Energy has tightened control of shipments of strategic goods as the government is moving to impose its own sanctions against North Korea.
 
The ministry said on Tuesday that it recently sent emails to about 14-thousand domestic exporters of strategic goods to ask them to ensure that their exports will not flow into North Korea via China.
 
The ministry sent similar notices to the firms in January. Strategic goods refer to materials or technology that can be used for manufacturing, developing and storing conventional weapons or weapons of massive destruction.
 
Under the foreign trade act, any entities illegally exporting strategic goods faces up to five years in prison or a fine of up to three times the trading price.
 
The government currently monitors for a list strategic goods, but the ministry plans to produce a separate list of North Korea-related items in cooperation with the Unification Ministry.
 
 

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