April 7, 2023
The Ministry of Economy, Trade and Industry (METI) has decided to extend the ban on all exports destined for North Korea, and all imports originating in or shipped from North Korea, in line with the “Measures against North Korea Pursuant to the Foreign Exchange and Foreign Trade Act” (decided by the Cabinet on April 7, 2023).
Outline of the measures
- The ban on all exports of goods destined for North Korea will be extended by imposing the requirement that exporters obtain export approval from the Minister of Economy, Trade and Industry (related article: Article 48, Paragraph 3 of the Foreign Exchange and Foreign Trade Act; hereinafter referred to as the “Act”).
- The ban on all imports of goods originating in or shipped from North Korea will be extended by imposing the requirement that importers obtain import approval from the Minister of Economy, Trade and Industry (related article: Article 52 of the Act).
- To ensure the enforcement of these restrictions, the following transactions shall be banned:i. Transactions involving buying/selling, loaning/borrowing, or giving of goods that involve the movement of the goods between North Korea and third countries (intermediate trade) (related article: Article 25, Paragraph 6 of the Act); andii. Payments of import bills for goods originating in or shipped from North Korea which are imported without import approval (related article: Article 16, Paragraph 5 of the Act).
- Goods exported for humanitarian purposes are exempt from the above restrictions.
Effective period
These restrictions will enter into effect from April 14, 2023, to April 13, 2025.
