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Russian, South Korean leaders sign joint statement after Moscow talks

The two countries also signed a memorandum on the establishment of a Russian-South Korean interregional cooperation forum

South Korean and Russian Presidents, Moon Jae-in and Vladimir Putin Mikhail Metzel/TASS

South Korean and Russian Presidents, Moon Jae-in and Vladimir Putin

© Mikhail Metzel/TASS

MOSCOW, June 22. /TASS/. Russian and South Korean Presidents, Vladimir Putin and Moon Jae-in, have signed a joint statement on a free trade zone. The statement was signed after their Friday’s talks in Moscow.

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Moon Jae-in wants to increase trade turnover between Russia and South Korea

Apart from that, Russia’s ministry of economic development and South Korea’s ministry of science and information and communication technologies signed a memorandum of understanding on the establishment of a Russian-South Korean innovation platform for a fourth industrial revolution.

Another memorandum of understanding, on the establishment of a Russian-South Korean interregional cooperation forum, was inked between the Russian ministry for the development of the Far East and the South Korean foreign ministry.

Earlier, Russian Deputy Minister of Economic Development Azer Talybov told the Russian-Korean business forum that the two sides planned to announce on Friday the launch of talks on a free trade zone for services and investments. The agreement, in his words, was seen as step one towards liberalization of bilateral economic cooperation.

The Russian ministry of economic development expects the this agreement to encourage mutual trade in services, promote Russia’s transit possibilities for the transportation of Korean companies’ commodity, attract Korean investments and technologies in the energy sector, transport, ship-building and the fishing industry.

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