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India imposes fresh restrictions on trade with North Korea

Press Trust of India  |  New Delhi 

India today imposed fresh restrictions on trade with North Korea in line with the restrictions imposed by the United Nations, Directorate General of Foreign Trade (DGFT) said today.

As per a notification of the DGFT in the commerce ministry, "supply, sale, transfer or export" of crude oil will be subjected to the restrictions imposed by the UN Security Council (UNSC).

The trade restrictions on helicopters has now also been extended to new or used vessels.

North Korea is facing sanctions for pursuing its nuclear programme from the UN and the US.

Certain curbs have also been imposed on export of industrial machinery, iron, steel and other metals, the notification said.

New restrictions have been imposed on import of food and agricultural products, electrical equipment and stone, among others from North Korea.

In October last year, the DGFT had imposed restrictions on trade in condensates and natural gas liquids, refined petroleum products.

The bilateral trade between India and North Korea declined to USD 133.43 million in 2016-17 from USD 198.78 million in the previous fiscal.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 07 2018. 19:01 IST