No, it’s not China, for a change, but one of our best friends in Asia.imageHow much of Reliance Industries’ oil will end up in North Korea?Whenever the U.S. tries to box-in North Korea, China almost invariably refuses to play along. Beijing blocks or soft- pedals Washington-backed sanctions after Kim Jong-il‘s military dictatorship torpedoes a South Korean warship or tests another nuclear device. But it turns out that North Korea has another unexpected ally and surprisingly significant trading partner–India.Last year India exported roughly $1 billion to North Korea, up from an average of barely $100 million in the middle of the past decade, reports the Confederation of Indian Industry, a trade organization–most of that in refined petroleum products. The trade group says that North Korea’s exports to India were a minuscule $57 million, including silver and auto parts. South Korean trade figures suggest India’s exports are much lower.
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