Singapore has moved to tighten restrictions on trade with North Korea and Iran, in keeping with the sanctions imposed by the United Nations Security Council, according to the Shipping Gazette, citing a Singapore Custom’s release.
Trade between Singapore and the two states accounted for 0.4% of the island-state’s total trade value of US$577.3 billion (NZD$752 billion).
Singapore Customs has announced it had “put in place regulatory controls on the movement of strategic goods and related technologies, which can be used for commercial and military purposes, while according greater facilitation to legitimate traders”.
Singapore has already banned trade in arms, related materials, specific vacuum systems, pumps, compressors and gas blowers, cigars, wines, spirits and plasma televisions to North Korea and Iran.
The updated list will include “any arms as defined by the United Nations Register of Conventional Arms” and “related materials”, according to the report.
— Source: Shipping Gazette
