DGFT widens prohibition on direct or indirect import/export from & to North Korea

Posted by Daily Shipping Times on 24-10-2017        Tweet

NEW DELHI: 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 USD 133.43 million in 2016-17 from USD 198.78 million in the previous fiscal.