Foreign Trade Act.

The purpose of this Act is to contribute to the growth of the national economy by promoting foreign trade, establishing a fair trade system, maintaining international balance of payments, and expanding commerce.
Foreign trade shall be promoted on the basis of the principle of free and fair trade in compliance with the treaties on trade entered into and promulgated pursuant to the Constitution of the Republic of Korea and the generally accepted international laws and regulations. The Minister of Trade, Industry and Energy may designate a trader as a specialized trading company and support such trader, taking into consideration the export performance, the proportion of export products produced by small and medium enterprises, and other factors, so as to explore new markets, develop new products, and expand exports by small and medium enterprises and middle standing enterprises. The Minister of Trade, Industry and Energy may restrict or ban exportation or importation of goods, etc. for the matters prescribed in Article 11, including: 1. Fulfilling the obligations under treaties signed; 2. Protecting biological resources; 3. Promoting economic cooperation with trading partner countries; etc. Each person who intends to export or import any of the goods restricted from being exported or imported shall obtain approval.
Tha Act further makes provisions, inter alia, for: the establishment of Council for Control of Exportation and Importation of Strategic Items; restrictions on exportation and importation of strategic items; submission of certificate of origin of imported goods; guarantees and principles of export contracts between governments; expeditious settlement of trade disputes between traders; report, inspection and penalties; etc.