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Eurasian Economic Union

Free trade zone between Eurasian Economic Union, South Korea to be discussed on October 5

The creation of a free trade area between the Eurasian Economic Union and South Korea may take a year or two

MOSCOW, September 14. /TASS/. The possibility to establish the free trade zone between the Eurasian Economic Union and South Kore will be discussed on October 5 in Moscow, an official with the Economic Development Ministry told TASS.

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Putin says interaction in EAEU helps to overcome problems at hand

According to him, a special research group studied the possibility and will present the results of their work at the meeting.

"On October 5, in the building of the Eurasian Economic Commission (EEC) in Moscow, we will hold a joint workshop to present the research results and to discuss them. The meeting will be attended by deputy ministers - members of the Union and the Republic of Korea in charge of foreign trade," the official said.

According to him the study was conducted by researchers from the Korean Institute of Economic Policy and the All-Russian Academy of Foreign Trade

"The purpose of research is to explore and identify the most cost-effective format to develop trade and economic relations between the Union and Republic of Korea of the Union," the official said.

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Earlier, Russia’s Economic Development Minister Alexei Ulyukayev said that the consideration of the expert report on the possibility of establishing a free trade area between the Eurasian Economic Union and South Korea was shifted from the Eastern Economic Forum (held in early September in Vladivostok) to a later time. Ulyukayev also said that some experts of the research group had two meetings, the last one was held in Korea. It was agreed there that the final conclusions and recommendations about the possibility of an FTA will be presented in autumn.

According to Ulyukayev, the creation of a free trade area between the Eurasian Economic Union and South Korea may take a year or two.

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Eurasian Economic Union

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