US exit from Iran deal to impact South Korean economy

South Korea held a meeting on Friday to discuss on reducing the impact of the United States' decision to exit the 2015 nuclear deal with Iran on local economic affairs.

As reported by the Yonhap news agency on Saturday, a session was hosted Deputy Foreign Minister for economic affairs Yun Kang-Hyeon where they discussed strategies to deal with changing dynamics of the nuclear deal and its impact on their country.

Following exit from the nuclear deal, the United States had announced the imposition of sanctions on Tehran with firms given 90-day or 180-day grace periods, depending on their business sector.

Such economic measures are bound to impact Iran's trade relation with other countries including South Korea.

Meanwhile, South Korea is planning to meet relevant agencies in the United States to ensure wavering of the sanctions on Iran.

"The government will make constant efforts based on close cooperation among relevant authorities to minimize effects from future U.S. steps to the South Korean economy and firms with business ties with Iran," the ministry said.

Last week, United States President Donald Trump's administration announced that it would quit the Iran agreement, formally known as the Joint Comprehensive Plan of Action (JCPOA), saying it's flawed and incomplete.