Moscow, Seoul discuss free trade zone between S. Korea and EAEU

Russia and South Korea have spoken in favor of continuing contacts on the creation of a free trade zone with the Eurasian Economic Union (EAEU) and discussed the implementation of investment projects in the electrical power industry and oil and gas sphere, Russian Foreign Minister Sergei Lavrov said.

"Both sides spoke in support of the contacts established between the Eurasian Economic Commission and South Korea on issues relating to a possible free trade zone," he told reporters on Monday following a meeting with his South Korean counterpart Yun Byung-se.

"Special attention was given to the implementation of large-scale investment projects, saying that the priority development territories created in the Far East, and also the free port Vladivostok provide good opportunities for that," Lavrov said.

"Projects in the sphere of electrical power, oil and gas, port infrastructure, and fishing are at the stage of implementation of advanced planning," he said.

The minister said Russia and South Korea have agreed to hold substantive consultations on these issues to prepare for a meeting of the intergovernmental commission, which will take place in Seoul in August 2016.

The South Korean minister, for his part, said the two ministers had agreed that there is a big potential for economic cooperation, especially in the Far Eastern region.

"The two sides agreed that they will actively use the potential of the Korean-Russian investment platform, and will also strengthen cooperation in the development of the Far East," Yun Byung-se said.

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