S. Korea, Russia to hold 2nd round of free trade agreement negotiations on service sector

Cargo containers in Yangon. The government has announced a reduction in the country’s trade deficit to $905 million. The Myanmar Times. Sketched by the Pan Pacific Agency.

SEOUL, Sep 30, 2019, Yonhap. South Korea’s trade ministry said Monday it plans to hold the second round of free trade agreement (FTA) negotiations with Russia in the service and investment segments, in line with the government’s efforts to deepen bilateral economic ties, reported the Yonhap.

The two countries will hold the meeting from Tuesday to Wednesday in Seoul, where they plan to exchange ideas on the overall details of the agreement with a goal to strike the deal next year, according to the Ministry of Trade, Industry and Energy.

The meeting comes after the two countries agreed to push for a bilateral free trade deal in the service and investment sectors during a summit held in June last year.

The first round of talks was held in June this year.

The FTA talks with Russia also come in line with Seoul’s so-called New Northern Policy that centers on boosting its economic and diplomatic ties with countries in Eurasia.

South Korea has been making efforts to expand trade ties with emerging economies to ease its heavy dependency on major economic powerhouses such as the United States and China and cope with growing global uncertainties.

The FTA talks with Russia, meanwhile, are anticipated to lend a hand to South Korea’s efforts to launch separate free trade talks with the Eurasian Economic Union (EAEU), which has Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan as its members, the ministry said.

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