BIS Publishes Questions and Answers Relating to North Korea Changes
The Bureau of Industry and Security today published a list of questions and answers for exporters on the recent decision by the President to remove North Korea from the State Sponsor of Terrorism List.
The bottom line is that the decision to remove North Korea from the State Sponsor of Terrorism list will result in virtually no changes for U.S. exporters. The document notes that "Pursuant to Section 746.4 of the EAR, the U.S. Government will continue to require a license for all items subject to the EAR (except food and medicine) and destined for North Korea. 'Items' means 'commodities, software and technology.'"
In addition, the document states that "Once the rescission takes effect, the Department of Commerce plans to amend the EAR to remove North Korea from Country Group E:1 and make other conforming changes to implement the rescission. Removing North Korea from Country Group E:1 will raise the threshold value for calculating the de minimis level of foreign goods destined to North Korea to 25% controlled U.S. content. Currently as a member of Country Group E:1 the threshold value for North Korea is 10%."
Labels: BIS, North Korea
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