Amendment to the Foreign Trade Act Passed by the National Assembly
Considering changes in the trade security environment and the trend of strengthening international export controls, the existing 'Strategic Materials Management Institute' will be reorganized into the 'Trade Security Management Institute.'
The Ministry of Trade, Industry and Energy announced that the amendment to the Foreign Trade Act containing this content passed the National Assembly plenary session on the 25th.
On the 9th, the National Assembly plenary session passed the "Special Act on Ending the Breeding, Slaughter, and Distribution of Dogs for Food Purposes." Photo by Hyunmin Kim kimhyun81@
The amendment first changes the name of the Strategic Materials Management Institute to the Trade Security Management Institute and expands its functions such as trade security policy formulation to support government policy-making and industry response according to changes in the international situation.
In addition, the basis for designation was expanded to allow strategic materials, which were designated according to the current international export control regimes such as the Wassenaar Arrangement (WA) and the Nuclear Suppliers Group (NSG), to also be designated according to "multilateral export control cooperation equivalent thereto."
Furthermore, to detect unauthorized exports, it allows for the inspection of strategic material determination results and newly establishes penalty provisions for violations of conditional permits and movement suspension orders.
The amendment to the Foreign Trade Act is expected to be promulgated after government transmission and Cabinet approval. It will be fully enforced six months after promulgation. The Ministry of Trade, Industry and Energy plans to prepare the enforcement decree through consultations with related ministries in line with the law’s enforcement and to thoroughly prepare for the reorganization into the Trade Security Management Institute.
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