Singapore suspends trade relations with North Korea

The suspension took effect on November 8.

Singapore has suspended trade relations with North Korea amidst toughening United Nations sanctions over its nuclear weapons programme.

Singapore is North Korea’s seventh largest trading partner.

“Singapore will prohibit all commercially traded goods (exchanged for money or barter traded) from or to the Democratic People’s Republic of Korea (DPRK), regardless of whether they are imported, exported, transhipped or brought in transit through Singapore.” the customs agency said in a circular issued to traders and declaring agents last November 7.

The circular, however, allows for the conditional and regulated trade of non-commercial goods like human remains or ashes.

Penalties for violations include fine and imprisonment of up to 3 years.

North Korea has launched a total of 19 missiles from February to September in defiance of UN sanctions. On July 4, it conducted its first intercontinental ballistic missile (ICBM) test which has long-range capabilities.

Also Read

Singapore ranks second in global economic freedom

Economists forecast modest NODX growth for Singapore in 2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit