U.S. Eases North Korea SanctionsThe United States formally eased 50-year-old sanctions against North Korea on Monday, completing a process that began last September when North Korea agreed to refrain from ballistic missile testing.Officials insisted the lifting of sanctions was unrelated to last week's unprecedented North-South summit. But after South Korean President Kim Dae-jung and North Korean leader Kim Jong Il agreed to work toward a peaceful resolution of their difficulties, officials hinted that an announcement about the sanctions was imminent. Instead, the officials said, the restrictions that were to be lifted were the "final phase of what President Clinton announced last September 17." Activities that will have some restrictions lifted include: * The importation of most North Korean-origin goods and raw materials. * The export of most nonsensitive goods and services of U.S. companies and their subsidiaries aboard, such as most consumer goods and most financial services. * Investment in agriculture, mining, petroleum, timber, cement transportation, infrastructure (roads, ports, airports), travel and tourism. * Remittances from U.S. nationals to North Koreans. * The transport of approved cargo to and from North Korea by commercial U.S. ships and aircraft, subject to normal regulatory requirements. * Commercial flights between the U.S. and North Korea, subject to normal regulatory control. Others restrictions that affect trade or financial transactions with certain North Korean entities will remain in place. |
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