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`Korea to Lose $10 Bln Due to Iran Sanctions`

Posted August. 24, 2010 08:02,   


Korea will suffer 10 billion U.S. dollars in losses if it joins U.S.-led economic sanctions on Iran given that the Islamic country provides a market worth 4 billion dollars for some 20 Korean companies.

Iran`s Fars News Agency said Sunday that with trade between Iran and Korea reaching 10 billion dollars last year, Korea’s joining the coalition will incur losses of the same amount.

Korea’s automotive sector will be hit especially hard given that Iran is among the biggest Mideast markets for Korean cars. Korean electronics exports also take up more than half of bilateral trade with Iran.

The news agency said Seoul is anxious to find an answer between the request from its closest ally U.S. and its major trading partner Iran.