Possibility of free trade zone between Eurasian Economic Union and South Korea to be discussed on October 5 - Ministry

MOSCOW, September 14. /TASS/. The possibility to establish the free trade zone between the Eurasian Economic Union and South Korea will be discussed on October 5 in Moscow, an official with the Economic Development Ministry told TASS. According to him, a special research group studied such a possibility and will present the results of their work at the meeting. "On October 5, in the building of the Eurasian Economic Commission (EEC) in Moscow, we will hold a joint workshop to present the research results and to discuss them. The meeting will be attended by deputy ministers - members of the Union and the Republic of Korea in charge of foreign trade," the official said. According to him the study was conducted by researchers from the Korean Institute of Economic Policy and the All-Russian Academy of Foreign Trade "The purpose of research is to explore and identify the most cost-effective format to develop trade and economic relations between the Union and Republic of Korea of the Union," the official said. Earlier, Russia’s Economic Development Minister Alexei Ulyukayev said that the consideration of the expert report on the possibility of establishing a free trade area between the Eurasian Economic Union and South Korea was shifted from the Eastern Economic Forum (held in early September in Vladivostok) to a later time. Ulyukayev also said that some experts of the research group had two meetings, the last one was held in Korea. It was agreed there that the final conclusions and recommendations about the possibility of an FTA will be presented in autumn. According to Ulyukayev, the creation of a free trade area between the Eurasian Economic Union and South Korea may take a year or two. Eurasian Economic Union The Treaty on the establishment of the Eurasian Economic Union was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana, and came into force on January 1, 2015. The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for creating the Eurasian Economic Union for the free movement of goods, services, capital and workforce and conducting coordinated, agreed or common policies in key sectors of the economy, such as energy, industry, agriculture and transport. The agreement stipulates the transition of Russia, Belarus and Kazakhstan to the next stage of integration after the Customs Union and the common economic space. Kyrgyzstan and Armenia also joined the EAEU. Read more