June 30, 2008
TWEA Sanctions Against N. Korea Lifted

On June 26, 2008, President George W. Bush announced the lifting of the application of the Trading with the Enemy Act (TWEA) with respect to North Korea.  He also notified Congress that he intended to rescind North Korea’s designation as a State Sponsor of Terrorism (SST) in 45 days.  

President Bush stated that he was taking these actions in direct response to recent North Korean actions – part of an “action for action” process established by the U.S., China, Japan, South Korea, and Russia.  The actions North Korea took were (1) submitting a long-delayed declaration of its nuclear programs, which will now be subject to verification, and (2) continuing to take steps to fulfill its commitment to denuclearize by disabling, for the purpose of abandonment, its plutonium production facility at Yongbyon.

The termination of the application of TWEA removes the current requirement for licenses on all imports from North Korea, but certain imports will continue to be banned under other legal authorities.

The following resources are located on the U.S. Department of State’s Web site:

“President Bush Discusses North Korea” (June 27, 2008)
http://www.whitehouse.gov/news/releases/2008/06/20080626-9.html

Fact Sheet entitled “North Korea: Presidential Action on State Sponsor of Terrorism (SST) and the Trading with the Enemy Act (TWEA)” (June 26, 2008)
http://www.state.gov/r/pa/prs/ps/2008/jun/106281.htm

Op-Ed piece by Secretary of State Condoleezza Rice entitled “Diplomacy Is Working on North Korea,” published in the Wall Street Journal (June 26, 2008):
http://www.state.gov/secretary/rm/2008/06/106282.htm

For more information, please contact your local FedEx Trade Networks Transport & Brokerage office. For a complete list of office locations go to http://www.ftn.fedex.com/locations/index.html.