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South Korea Turning to Russia For Free Trade Deal Amid Pressure From U.S.

Posted November 23, 2017

Under Economic Issues, International Trade Issues

(Kim Kwang-tae – Yonhap News Agency)

South Korea’s trade minister has met with Russian officials in Moscow, an official said Wednesday, in a move to lay the groundwork for a free trade deal with a Russia-led union amid growing U.S. trade pressure.

Kim Hyun-chong held separate talks with Herman Gref, CEO of Russia’s state-owned banking giant Sberbank and Russian Deputy Minister of Economic Development Alexei Gruzdev on Tuesday. They discussed how to lay the foundation for a free trade agreement (FTA) between South Korea and the Eurasian Economic Union (EAEU), a South Korea trade ministry official said, without giving any further details.

The meetings represent South Korea’s latest efforts to accelerate the ongoing negotiations between South Korea and the Eurasian Economic Union (EAEU) for an open trade pact.

South Korean officials said they hope to launch negotiations with the EAEU by the end of this year. Click here to read more.