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PM explores policy options to expand trade with China

All News 13:26 March 03, 2016

SEOUL, March 3 (Yonhap) -- Prime Minister Hwang Kyo-ahn on Thursday exchanged views with local business leaders on doing trade with China to help them find ways to better penetrate the world's second largest economy.

During a meeting with eight company executives and related government officials, Hwang explored policy options to better assist companies in expanding exports, the Prime Minister's Office said.

Hwang stressed the importance of utilizing the bilateral free trade pact which took effect in December last year, to help stem the drop in exports, which have traditionally been the country's economic growth engine.

As of February, Asia's fourth largest economy posted 14 straight months of minus export growth.

According to government data, South Korea's trade with China, its No. 1 trading partner, has been on the decline for the past three years. In 2014, the total volume of exports to China dipped 0.4 percent on-year with the pace accelerating to a 5.6-percent drop the following year.

In February of this year, outbound shipments to China were down 12.9 percent compared to the same period last year.

Hwang has held meetings with various business representatives regularly since taking office in June 2015 to discuss measures to revive the economy.


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