Extension of ban on imports from and exports to North Korea, pursuant to the Foreign Exchange and Foreign Trade Act

1. The ban on export of all goods destined for North Korea shall be extended by continuing the requirement that exporters obtain export approval from the Minister of Economy, Trade and Industry (Article 48, Paragraph 3 of the Foreign Exchange and Foreign Trade Act [hereinafter "the Act"]).
2. The ban on import of all goods originating in or shipped from North Korea shall be extended by continuing the requirement that importers obtain import approval from the Minister of Economy, Trade and Industry (Article 52 of the Act).
3. To ensure the enforcement of these restrictions, the following transactions shall be banned.
   • * Transactions involving buying/selling, loaning/borrowing, or giving of goods that involve the movement of the goods between third countries and North Korea (intermediate trade) (Article 25, Paragraph 6 of the Act)
   • * Payments of import bills for goods originating in or shipped from North Korea which are imported without import approval (Article 16, Paragraph 5 of the Act).
4. Goods exported for humanitarian purposes shall be exempt from the above restrictions.

April 3, 2012

Trade Control Policy Division, Trade Control Department, Trade and Economic Cooperation Bureau