The South Korean government held an inter-agency meeting Friday to explore ways to minimize local business impact from the U.S. decision to exit the 2015 nuclear deal with Iran.
Last week, the Donald Trump administration announced that it would quit the agreement, formally known as the Joint Comprehensive Plan of Action (JCPOA), saying it's flawed and incomplete.
The U.S. plans to reinstate sanctions against Tehran, with firms given 90-day or 180-day grace periods, depending on their business sector.
The measure also affects foreign countries that trade with Iran.
In the session hosted by Yun Kang-hyeon, deputy foreign minister for economic affairs, representatives from the ministry and other related government bodies discussed a strategy to deal with the new situation.
South Korea is preparing for consultations with the U.S. on the matter, as it apparently seeks an Iran sanctions waiver.
"The government will make constant efforts based on close cooperation among relevant authorities to minimize effects from future U.S. steps to the South Korean economy and firms with business ties with Iran," the ministry said.