India has put in place a stricter regime for trade with North Korea in line with the restrictions imposed by the United Nations.
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 $133.43 million in 2016-17 from $198.78 million in the previous fiscal.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.