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S. Korea eyes online trade platform deal with Uzbekistan
South Korea is seeking bilateral trade deals with Uzbekistan that would establish a platform to help local SMEs sell products through contactless channels, says Deputy Prime Minister and Finance Minister Hong Nam-ki.
Negotiations between the two countries are slated by the end of the year.
Hong said that South Korea would select some 90 joint investment projects with Uzbekistan.
The two countries have conducted a feasibility study on the projects.
As of 2019, Uzbekistan was the 35th-largest export destination for South Korea, with outbound shipments reaching $2.3 billion, up 10.4 percent on-year.
According to Hong, the key to export recovery is to expand support for online export routes and contactless industries.
Hong noted that South Korean exports have been logging negative growth for six months straight.
South Korea's export volume was $39.66 billion last month, down 9.9 percent from a year before. The second-quarter export volume also slipped 13.5 percent from the previous quarter.
Meanwhile, online exports soared 128.9 percent.
To help South Korean firms expand overseas online sales channels, the government will work with global platforms including Amazon