China, DPRK Trade Updates: Beijing Bans Imports from Pyongyang, Restricts Trade
Jenia Cane | | Apr 05, 2016 11:27 PM EDT |
(Photo : (Photo by Ian Forsyth/Getty Images))
China's Beijing has decided to restrict trade and ban certain imports from Pyongyang following the newly-implemented sanctions by the United Nations against the Democratic People's Republic of Korea (DPRK).
Released on Tuesday, the Chinese capital's decision outlined China's restriction of trade with the said country.
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According to China Daily, Beijing has banned the importation of iron ore from Pyongyang and the exports of jet fuel and other oil products, a component in making rocket fuel.
Based on the issued list of the Ministry of Commerce, which was posted on its website, imports of gold and rare-earth elements from DPRK have also been banned.
Vanadium and titanium, both used in steel alloys, are included in the list of restricted minerals as well.
Amid this development, it was clarified that not included in the trade ban, particularly that of imports, between China and DPRK is coal that is intended for ""the people's well-being." It was further pointed out that this coal must have nothing to do with nuclear or missile programs.
Meanwhile, export bans on jet and rocket fuel have certain exceptions, too. It was noted that if such product will be used for "basic humanitarian needs," such as for civilian passenger planes servicing routes outside of the DPRK, they are not included in the ban.
On the other hand, Lyu Chao, a Liaoning Academy of Social Sciences researcher, shared that China is the biggest trade partner, particularly export market, of the DPRK, accounting for 90 percent of the country's total export volume. The researcher further divulged that majority of these exports are minerals.
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