MOFCOM and SAIC Announcement on Implementation of United Nations Security Council Resolution 2375 to Shut down Enterprises involving North Korea

Date: 2017-10-11 04:15:41, Source: MOFCOM, Today/Total Visits : 1/969

On September 12, the United Nations Security Council unanimously adopted the Resolution 2375. For the purpose of implementing Article 18 of the said Resolution, the relevant matters are hereby announced as follows:

I. Any Sino-foreign equity joint venture, Sino-foreign cooperative joint venture or wholly foreign-owned enterprise established within the territory of China by an entity or individual from North Korea shall be shut down within 120 days from the date of adoption of the United Nations Security Council Resolution 2375.

Any equity or cooperative joint venture established outside China by a Chinese enterprise with an entity or individual from North Korea shall also be shut down in accordance with the above-mentioned Security Council Resolution.

All competent departments of commerce and competent administrations for industry and commerce at the provincial level shall be responsible for supervising the implementation.

II. The above provisions do not apply to projects exempted upon approval by the Committee of Sanctions against North Korea of Security Council on a case-by-case basis, especially non-profit and non-commercial utility infrastructure projects. Where it is necessary for the relevant enterprises approved or recorded by competent departments of commerce to apply for exemption, such application may be submitted through competent departments of commerce at the provincial level.

Ministry of Commerce
State Administration for Industry & Commerce
September 28, 2017

 

 

Approved by: Department of Commerce of Shandong Province Tel: +86-531-89013333

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