Business World

Singapore suspends trade relations with North Korea

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SINGAPORE — Singapore has suspended trade relations with North Korea, the latest of Pyongyang’s major trade partners to cut commercial ties under toughening UN sanctions over its weapons program, a customs notice obtained on Thursday showed.

The move comes about two months after the United States imposed North Korea- related sanctions on a number of firms and individual­s, including two entities based in Singapore.

“Singapore will prohibit all commercial­ly traded goods from, or to, the Democratic People’s Republic of Korea (DPRK),” the city- state’s customs said in the notice sent to traders and declaring agents last Tuesday, referring to the country by its off icial name.

The suspension would take effect from Nov. 8, Fauziah A. Sani, head of trade strategy and security for the director- general of customs, said in the notice.

Repeated breach of the new prohibitio­ns is punishable by a fine of up to S$ 200,000 ($ 147,340.50) or four times the value of the goods traded, imprisonme­nt of up to three years, or both, it added.

Singapore is North Korea’s seventh largest trading partner. The Philippine­s, Pyongyang’s fifth biggest trading partner, sus- pended trade with North Korea in September to comply with a UN resolution.

Tension on the Korean peninsula has escalated as North Korea’s young leader, Kim Jong Un, has stepped up the developmen­t of weapons in defiance of UN sanctions.

North Korea has tested a series of missiles this year, including one that flew over Japan, and conducted its sixth and biggest nuclear test in September.

Pyongyang maintains a diplomatic presence in Singapore, with an embassy in its financial district.

In September, Singapore issued a travel advisory urging citizens to avoid all non-essential travel to North Korea, where it does not have diplomatic representa­tion.

In an interview with National Public Radio in May, Singapore’s minister of foreign affairs, Vivian Balakrishn­an, had said the country was not ready to cut all diplomatic ties with North Korea.

In January last year, Singaporeb­ased Chinpo Shipping Company (Private) Ltd was fined S$180,000 for facilitati­ng a shipment of arms to North Korea in violation of UN sanctions.

 ??  ?? A SHIP (background) loaded with containers is seen docked along the pier at Tanjong Pagar container port in Singapore on Jan. 17.
A SHIP (background) loaded with containers is seen docked along the pier at Tanjong Pagar container port in Singapore on Jan. 17.

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