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N. Korea sanctions incur huge losses to S. Korea: lawmaker

2013/11/01 11:21

SEOUL, Nov. 1 (Yonhap) -- South Korea has suffered huge economic losses due to its 2010 blanket ban on contacts with North Korea that virtually halted all inter-Korean economic exchange, an opposition lawmaker said Friday.

Citing a report by the private think tank Hyundai Research Institute, Rep. Jung Cheong-rae of the main opposition Democratic Party (DP) claimed the sanctions have caused 9.4 trillion won (US$8.84 billion) in damages to the South Korean economy.