Resumption of Humanitarian Exports with Iran... Transport of Genetic Disease Treatments

Iranian President Hassan Rouhani requesting an emergency disbursement of 5 billion dollars from the International Monetary Fund (IMF) in early last month.
(Photo by AFP Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The government is resuming trade with Iran, which had been suspended due to U.S. sanctions.

The Ministry of Trade, Industry and Energy, the Ministry of Foreign Affairs, and related agencies announced on the 28th that genetic disease treatments worth approximately $500,000 will be air transported to Iran on the 29th. This is the first case of humanitarian goods export to Iran since the resumption on April 6.

Kim Jeong-dae, Director of the Middle East and Africa Trade Division at the Ministry of Trade, Industry and Energy, said, "The genetic disease treatments being transported to Iran are the first shipment under the resumed humanitarian trade," adding, "We expect follow-up exports of pharmaceuticals and medical devices worth about $2 million to take place next month."

The government has been negotiating with the U.S. and Iran to use Iranian won funds deposited in Korean commercial banks to conduct humanitarian trade with Iran.

As a result, the government resumed humanitarian trade with Iran in April after it had been suspended due to the U.S.'s strengthened sanctions on the Central Bank of Iran (CBI) in September last year.

The government has held two briefing sessions for Korean export companies to expand humanitarian trade with Iran and has continued consultations with Iran through diplomatic channels such as the Iranian Embassy in Korea.

They have actively engaged in activities such as contacting Iranian importers through the Tehran KOTRA trade office and connecting export and import companies of both countries at the government level.

Director Kim said, "Based on the resumption of humanitarian exports to Iran, the government will consult with the U.S. and Iran to expand the current trade items, mainly pharmaceuticals and medical devices, to include food and agricultural products."