Russian Interior Ministry to control 13 more new psychotropics, drug-containing plantSociety & Culture July 24, 2:54
MAKS-2017 airshow yields contracts to over $6bln - Russian ministry of industry and tradeBusiness & Economy July 23, 23:48
Russian consumer rights watchdog chief names cities with highest HIV ratesSociety & Culture July 23, 21:41
Serbian filmmaker Kustirica says Crimea’s reunification with Russia is natural processSociety & Culture July 23, 21:40
Israeli embassy in Amman attacked by terrorists, some people wounded - TVWorld July 23, 21:35
Boxing Day on Red Square sets new Guinness recordSport July 23, 8:33
Joseph Dunford says Russia most military capable country of those posing threat to USWorld July 23, 4:57
Russia’s US envoy Kislyak steps down, his deputy to act as Charg d'Affaires ad interimRussian Politics & Diplomacy July 23, 1:33
Putin greets KamAZ-Master team - winner of Silk Way RallySport July 22, 15:20
SEOUL, July 16 (Itar-Tass) — South Korea’s Finance Minister Bahk Jae Wan said on Monday that the Republic of Korea would step up efforts to expand economic, political and diplomatic ties with Russia. That will make it possible to improve the use of opportunities opened by Russia’s entry into the World Trade Organization (WTO).
Seoul hopes that Russia’s membership of the world trade body would reduce trade barriers in one of the world’s biggest markets and expand opportunities for the neighboring countries.
“Russia will become a new driving force of regional development after it joins the WTO,” the South Korean finance minister stressed at a government meeting.
“We intend to use the new opportunities opening by Russia’s economic growth to pursue a new ‘northern policy’ aimed at developing economic cooperation and strengthening political and diplomatic relations,” Bahk Jae Wan went on to say.
The minister said that South Korea intended to expand trade with Russia and investments in its economy. He added that China’s economic slowdown made that step urgent.
South Korea, which currently ranks 13th among Russia’s trading partners, wants to enter the top ten by 2020. Besides, Seoul wants to improve its ratings from the current 20th position to 15th in the sphere of direct investments in Russia.
South Korea wants to develop cooperation with Russia in such areas as energy, capital development, exploration of natural resources, development of infrastructure as well as science and technology.