South Korea Vows to Boost Economic Cooperation With Russia in 2020
South Korea looks to achieve tangible progress in economic cooperation with Russia through its New Northern Policy this year, the South Korean Ministry of Trade, Industry and Energy stated Monday, following a meeting of economy-related ministers
SEOUL (Pakistan Point News / Sputnik - 20th January, 2020) South Korea looks to achieve tangible progress in economic cooperation with Russia through its New Northern Policy this year, the South Korean Ministry of Trade, Industry and Energy stated Monday, following a meeting of economy-related ministers.
"While previously, we have prepared the foundation and network for economic cooperation, especially the 'Nine Bridges' [plan of cooperation] with Russia through top-level diplomacy with the countries of the northern region, this year, it is time to achieve real economic results and expand [cooperation]," the statement from the ministry read.
"Nine Bridges," a subsection of South Korean President Moon Jae-in's New Northern Policy, is an economic program aimed at tying Russia's Far East with the Korean Peninsula through nine key sectors, including railways, ports, electricity and natural gas, among others. Although the cooperation system has been in somewhat of a lull, Seoul sees the nine bridges as one of the ways of establishing contact with increasingly isolated North Korea.
Speaking at the meeting, which took place in an administrative hub known as Sejong City earlier on Monday, South Korean Finance Minister Hong Nam-ki noted that 2020 marks 30 years since the establishment of South Korea's diplomatic ties with Russia and Mongolia, noting that it must serve as a stimulus to see tangible increase in trade between the sides, South Korean media reported.
"We will strengthen economic cooperation with our neighboring nations in line with the New Northern Policy," Hong said, as quoted by The Korea Herald.
Additionally, the minister said that Seoul was pursuing free trade agreements with Mongolia and other Central Asian nations, according to state-run news agency Yonhap.
The minister also said that Seoul would spare no effort in helping conclude the landmark Regional Comprehensive Economic Partnership, a prospective trade agreement that includes 10 ASEAN nations, China, Australia, Japan, South Korea and New Zealand.