Strengthening state control, North Korea partially scraps foreign trade reforms
Recent revisions to Foreign Trade Act point to a rollback of key planks in the Kim Jong Un-era reform agenda
One of the key pillars of the Kim Jong Un-era economic reforms was foreign trade. Foreign trade is vitally important to a country that has a shortage of foreign currency, and one that has to import all its oil, a substantial quantity of industrial goods, and inputs for industry and agriculture.
Major changes to the organization of foreign trade mean major changes to who makes money, how much, and through what means. They also have a serious effect on the growth prospects for the country going forward.
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