(LEAD) S. Korea hails end to U.N.-led sanctions on Iran

(ATTN: ADDS Seoul's plan to lift trade restrictions in last 4 paras)

SEOUL, Jan. 17 (Yonhap) -- South Korea said Sunday it will step up "reciprocal cooperation" with Iran as international sanctions on the country have been lifted in a follow-up to a nuclear deal.

The government welcomed the announcement by the International Atomic Energy Agency that Tehran has complied with the agreement made half a year ago with the U.S. and five other global powers on its nuclear program.

The move has effectively terminated international sanctions on Iran under a U.N. resolution, and it will also require the U.S. and the European Union to roll back or ease bilateral sanctions on the Middle Eastern country.

"The government plans to further promote reciprocal cooperation between South Korea and Iran through close joint work among the relevant ministries," the Foreign Ministry said in a statement.

The faithful implementation of the Iranian nuclear deal is expected to help reinforce the global nonproliferation regime and contribute to the peace and stability of the Middle East, it added.

South Korea will also strengthen efforts to denuclearize North Korea via international cooperation, according to the ministry.

Seoul's trade ministry, meanwhile, said it will immediately lift restrictions on the bilateral trade of oil, petrochemicals, cars and other key items.

South Korea will determine the scope of strategic materials to be removed from trade restrictions, depending on the level of the international community's agreement with Tehran.

The two countries will also reactivate a joint economic committee in December in order to discuss ways to boost bilateral economic cooperation, the ministry added. The committee's meeting was last held in 2006.

In the first 11 months of last year, bilateral trade came to US$6 billion, compared with $17 billion in 2011.

lcd@yna.co.kr
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