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Singapore suspends all trade ties with North Korea

Singapore
Asia   All commercially traded goods

Singapore has suspended trade ties with North Korea in a bid to curb the country's nuclear weapons programme, a circular by Singapore's customs officials showed.


From November 8, Singapore will prohibit "all commercially traded goods from or to the Democratic People's Republic of Korea," said Fauziah Sani, the head of the city's state's Trade Strategy and Security department.

The circular warned that anyone caught contravening the prohibition would face a fine of up to SGD100,000 or three times the value of the goods, whichever was more, or imprisonment of up to two years, or both.

Repeat violations would be subject to stiffer penalties.

North Korea imports about SGD28.2 million worth of goods, making Singapore Pyongyang's eighth largest import partner, according to the Organization of Economic Complexity.

 

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