According to Yonhap’s report, Lee Hyo-jung, a South Korean Unification Ministry official in charge of relations between the two countries, told reporters that the deadline for the North to fulfill the terms of the agreement is up today.
Demanding the North to “faithfully” repay the principal and interest of the raw material, Lee said, “The North’s failure to act on this issue is a violation of the agreement between the two countries and is also against the rules of international trade.” said.
Under the agreement made in 2007, South Korea sent $80 million worth of raw materials to North Korea for the production of clothes, shoes and soap for the development of light industry.
In the agreement, Pyongyang was required to pay Seoul in kind with zinc and other minerals for the raw material in question. However, after making the first payments in 2007 and 2008, North Korea did not send the remainder of the promised products in return.