By Kang Seung-woo
VLADIVOSTOK, Russia -- President Park Geun-hye and her Russian counterpart Vladimir Putin agreed Saturday to accelerate efforts for a free trade agreement (FTA) between Korea and the Russia-led Eurasian Economic Union (EAEU).
In addition, the two nations signed 24 memoranda of understanding (MOUs) as part of expanding the bilateral economic ties.
Park is now in the Far Eastern Russian city for the Eastern Economic Forum as well as her fourth bilateral summit with Putin. Russia is the first leg of her three-nation trip that also includes Hangzhou, China for the G20 summit and Vientiane, Laos for ASEAN-related forums.
Korea and the EAEU, comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, have conducted a joint feasibility study on their free trade pact over the past nine months, which is expected to contribute to achieving shared economic growth and promoting consumer benefits.
“The two heads of state agreed to conclude the joint study as soon as possible and take follow-up measures for the FTA,” said, Kang Seog-hoon, the senior presidential secretary for economic affairs, in a briefing.
While giving a speech to a gathering of Korean and Russian business leaders ahead of the summit, Park also voiced hope for the bilateral FTA, underscoring that the deal would open a “new chapter” in bilateral economic cooperation.
The Seoul-Moscow economic ties have rested on cooperation in the manufacturing industry and energy resources, but on the occasion of Park’s first visit to Russia, the two sides agreed to expand the scope of bilateral economic cooperation into more diverse fields in the Far East region, including fisheries, agriculture, infrastructure, healthcare and medical services, according to the presidential office.
“So far, Korean companies have done business in the western part of Russia, but the MOUs are expected to pave the way for their presence in Eurasia, including the Far East area,” Kang said.
Russia has greater interest in developing the Far East that is economically retarded despite its huge economic potential behind Putin’s New Eastern Policy that is interconnected with Park’s Eurasia Initiative seeking to connect transport and energy infrastructure from Asia through Russia into Europe.