Phl to allow companies to trade with North Korea

The Philippine government will not forbid local companies from conducting trade activities with North Korea amid a recent executive order (EO) signed by US President Donald Trump that targets those who conduct trade in goods, services or technology with the rogue state.

Trade Secretary Ramon Lopez said Trump’s EO was targeted more on a business level and not on a government scale.

“What the EO is talking about is those who does trade with them. So it is up to these companies. I don’t think they trade with the US so maybe they want to trade with North Korea,” Trade Secretary Ramon Lopez said.

“What is clear for us is that we follow the United Nations sanction. As a country, they allow certain products only so that is what we will be monitoring. We’ll set up a trade accreditation and approval system before any company will trade with North Korea ,but (so far) it is not allowed to have total ban because UN allows us, for humanitarian reasons, to do trade with them for items like food,” he said.

Lopez said Philippine companies mostly export food products as well as garments to North Korea. He noted, however, the shipments are minimal.

Trump last Sept. 20 signed an EO that expands its authority “to target individuals, companies, and financial institutions that finance and facilitate trade with North Korea.”

Lopez said the country would prioritize trade relations with the US over North Korea should the country be forced to choose between the two.

“We have a huge business with US. They are our third largest trade partner. We need to maintain and even strengthen that,” he added.