[WORLD] Korea is Considering Removing North Korea Ban
D-Bo, Nov. 4, 2013, 11:13 a.m.
The South Korean government is reportedly considering heeding calls to lift trade and investment sanctions against North Korea, according to a South Korean government official. The opposing Democratic Party in South Korea’s National Assembly has been pushing for lifting of the ban, claiming that the ban harmed South Korea more than it did North Korea. Democratic Representative Jung Cheong-rae said that the loss to the South Korean economy as the result of the ban has been over $9 billion, while North Korea only lost about $2.25 billion.
The ban, called the “May 24th measures”, was imposed in 2010 after the North Korean military allegedly fired a torpedo at a South Korean warship, sinking the vessel and killing 46 South Korean sailors. All Inter-Korean commercial activities, except for the Kaesong Industrial Complex, have been affected by the ban. North Korea, however, have diverted much of its commercial activities toward China, posting record trade figures between the two nations.
Ryoo Kihl Jae South Korean Unification Minister
Ryoo Kihl-jae, the South Korean Unification Minister, told the National Assembly that the government is considering the calls for lifting the ban and is examining the possibility.