China Impose Bans on Imports from North Korea
__________
TeleSUR
China Impose Bans on Imports from North Korea
“On August 15, a full ban on imports of coal, iron, iron ore, lead, lead ore, seafood from North Korea is introduced,” the ministry said in a statement.
On Monday, the Chinese Commerce Ministry announced that it would impose a partial goods ban on North Korea. Additionally, import applications of products from The North will be halted from September 5.
“On August 15, a full ban on imports of coal, iron, iron ore, lead, lead ore, seafood from North Korea is introduced,” the ministry said in a statement.
However, products which arrive at Chinese ports prior to the ban will be allowed to enter the country.
Chinese companies will be able to use North Korea’s Rason port to import coal from other countries, pending approval from a committee established under the UN Security Council resolution 1718.
These restrictions will likely affect their economy, over time, because China is the largest trading partner of North Korea.
In April, the Chinese General Administration of Customs said trade increased between the two countries in the first quarter by 37.4 percent, despite sanctions on North Korean coal, which is its top earner.
U.S. President Donald Trump repeatedly urged China to increase economic pressure on North Korea or face sanctions of their own.
Restrictions imposed by the United Nations Security Council have caused mounting tension, especially since the economic squeeze from the United States in response to North Korea’s July’s ballistic missiles launches.
The new Security Council sanctions are expected to cut their annual export revenue by $1 billion.