September 27, 2023

Sanctions exemption needed before North Korean firms do business in South: MOU

Seoul dismisses claims that planned revision of inter-Korean Exchange and Cooperation Act would breach UN sanctions

Seoul will have to seek an exemption from international sanctions before allowing any North Korean firms to operate in South Korea, the country's unification ministry told NK News on Monday.

The clarification follows accusation by local press that current plans by South Korea's ruling party and the Ministry of Unification (MOU) for a revision of the 30-year-old inter-Korean exchange and cooperation law may violate UN sanctions.