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24 Nov, 2018 13:51

Russia may start free trade talks with South Korea

Russia may start free trade talks with South Korea

Negotiations on the implementation of a free trade zone agreement between Moscow and Seoul may start in 2019, according to South Korea’s ambassador in Moscow, Woo Yoon-keun.

Woo told TASS that “the documents have already been submitted to the parliament [of the Republic of Korea]... We hope that next year we will start intensive negotiations.”

An agreement on setting up a free trade zone between the countries was inked in June during the visit of South Korean President Moon Jae-in to Moscow.

Also on rt.com Regular ferry line will soon link Russia and South Korea

Seoul is seeking to significantly ramp up business with Moscow. It wants to speed up the building of the so-called “nine bridges,” meaning gas, railways, the Northern Sea Route, shipbuilding, job creation, fishing, and other types of cooperation.

Last year, trade between Seoul and Moscow grew 40 percent to $19 billion. The countries have joint projects in Russia’s Far East and economic ties can grow if the countries reach a breakthrough on gas deliveries.

READ MORE: Dumping the dollar: Iran & South Korea agree cross-currency trade

As part of a plan to expand bilateral economic cooperation, Russia and South Korea aim to launch a regular ferry line, connecting their major port cities.

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