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South Korean president hopes trade turnover with Russia will reach $30 bln in 2020

The New Northern Policy initiated by Moon Jae-in in 2017 envisions the creation of a single economic space spanning the Korean Peninsula and Russia’s Far East

South Korean President Moon Jae-in Alexei Druzhinin/Presidential press service/TASS

South Korean President Moon Jae-in

© Alexei Druzhinin/Presidential press service/TASS

SEOUL, November 7. /TASS/. South Korean President Moon Jae-in expects trade turnover with Russia to reach $30 bln in 2020.

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"Next year will mark 30 years since diplomatic relations between the Republic of Korea and Russia were established. Hopefully bilateral trade turnover will reach $30 bln by that time," the South Korean leader said in a conversation with TASS Director General Sergei Mikhailov as part of the meeting with heads of the Organization of Asia-Pacific News Agencies’ (OANA) members on Thursday.

President noted a strong growth of bilateral economic cooperation and exchanges recently. "The government of the Republic of Korea pays key attention to the relationship with Russia within the so-called New Northern Policy it currently pursues," he added.

The New Northern Policy initiated by Moon Jae-in in 2017 envisions the creation of a single economic space spanning the Korean Peninsula and Russia’s Far East. The key objective of the new policy is to create the Eurasian economic community on the basis of cooperation between South Korea and Russia.

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