The government of the Republic of Korea continued close consultations with the United States and Iran in order to facilitate humanitarian trade with Iran with won-currency deposits made by the Central Bank of Iran (CBI) at banks in the ROK. As a result of such consultations, the ROK government resumed humanitarian trade with Iran on April 6, which was suspended after the U.S. tightened sanctions on the CBI in September 2019.
The shipment of treatments for genetic diseases to Iran on May 29 will mark the first case of shipment of goods for the recently resumed humanitarian trade and is expected to be followed by exports of medicine and medical equipment worth about 2 million U.S. dollars in June.
Building on the resumption of exports of humanitarian items, the ROK government will continue consultations with the U.S. and Iran on ways to broaden the scope of trade items to include not only medicine and medical equipment, which are currently the main trade items, but also foods and agricultural products.
Recommendation and review posted by G. Smith