Economy, Domestic Economy

Seoul to Expand Service Trade

Seoul to Expand Service TradeSeoul to Expand Service Trade

South Korea is planning to expand its service trade with Iran in May in an effort to restore bilateral commercial ties; Eghtesad News reported, citing Seoul-based news agency Yonhap.  Accordingly, South Korea’s finance ministry has decided to allow local businesses to engage in service-related trade with Iranian companies in such areas as management consultation, law and accounting, engineering, computer systems design, tourism and intellectual property rights. An unnamed official at South Korea’s finance ministry told Yonhap that only companies that have had previous commercial dealings with Iran can sign new deals, warning that contracts that may conflict with western sanctions will not be permitted.  According to Yonhap, the move could open the door for South Korean companies to provide services in construction, communications, medicine and the auto sector once the sanctions are lifted.