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.
Hello again central planner
- 01After the Hanoi summit, a hyper-securitization process underway in Pyongyang?
- 02Looking ahead: prospects for North Korea-U.S. relations
- 03130+ traffic education parks built across North Korea since 2016: imagery
- 04North Korea’s Central Bank: lender, regulator, and inflation fighter
- 05The “silent war”: Kim Jong Un’s battle for North Korean hearts and minds
- 06In review: inter-Korean relations, prospects for change since the Hanoi summit
- 07North Korean criticism of U.S. for joint drills could signal bigger policy shift
- 08The View from Jingshan: anniversary of Sino-DPRK ties passes without a summit