Yonhap News Agency - 30 June 2020
S. Korea, Russia hold 5th round of FTA talks on service, investment
South Korea and Russia started another round of negotiations Tuesday to clinch a free trade agreement (FTA) in the service and investment sectors.
During the videoconferences that run through Monday, the two will narrow down differences on details in the two segments, according to the Ministry of Trade, Industry and Energy.
Seoul and Moscow first launched their FTA negotiations in June last year to lower barriers for the service and investment segments.
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 new coronavirus pandemic, which has virtually suspended global supply chains, also has made lowering trade barriers even more important for Asia’s No. 4 economy.
The FTA talks with Russia 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.