At the Ministerial Meeting on International Economic Affairs held on May 21, South Korea's Deputy Prime Minister Oh-Seok Hyun commented on current initiatives to strengthen South Korea-Russia economic cooperation, including the possibility of recommencing negotiations for a bilateral free trade agreement (FTA).

South Korea, it was disclosed, is looking to take advantage of the Russian Government's new "Look East Policy," intended to develop its Far East and Siberian regions and to strengthen cooperation with Asia-Pacific countries, following its entry into the World Trade Organization last year.

To make the most of this new opportunity for economic cooperation with Russia, the South Korean Government is to attempt, as soon as possible, a resumption of the bilateral FTA talks that were last held in 2008. It will use various channels, such as the South Korea-Russia Joint Commission on Economic Cooperation and South Korea-Russia business dialogues.

In addition, it was pointed out that the Government will make all the necessary preparations for both the meeting of the South Korea-Russia Joint Commission on Economic, Scientific and Technical Cooperation, and the following summit, scheduled for July this year, to ensure that the two occasions will further trade relations between the two countries.

May 22, 2013

Source: Tax News

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