PALAU AND KOREA MOVE TO INCREASE TRADE

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KOROR, Palau (May 18, 1999 - PACNEWS/Marianas Variety)---While Presenting his credentials to Palau President Kuniwo Nakamura, visiting Korean Ambassador Shing Sung-oh said he would take the steps necessary to increase trade volume, economic co-operation and the exchange of people between the two countries.

Ambassador Shing said that although Korea is still reeling from the Asian economic crisis, bilateral trade between Korea and Palau has begun to improve.

He noted that last month, representatives of the Korean fishing industry and their counterparts from Palau signed an agreement to allow 26 Korean vessels to catch tuna within Palau’s territorial waters for $US 300,000 annually.

"The fishing grounds of Palau have attracted a number of Korean fishing companies to participate in the development of the island’s abundant marine resources," the Ambassador said.

Last year, Palau’s total imports from Korea were $US 1.7 million while its exports to the northeast Asian nation were only $US 42,000.

The new fishing agreement should help reverse that imbalance.

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