EEC and South Korea are in Search of a Mutually Beneficial Format of Cooperation

Representatives of the Eurasian Economic Commission, EAEU Member States and South Korea met on October 5, 2016. The meeting was devoted to the current state of trade relations and possible ways of their further advancement.
In the course of the meeting, EEC Minister in charge of Trade Veronika Nikishina and Deputy Minister of Trade, Industry and Energy of South Korea Kim Hak-do were presented the results of research conducted by the All-Russian Academy of Foreign Trade and Korea Institute for International Economic Policy. They also reviewed recommendations put forward by the experts concerning the most advantageous schemes of bilateral cooperation. Upon revision of the document, the parties discussed a range of issues concerning the bilateral cooperation in the domains of trade in manufactured goods, attraction of investments and minimization of non-tariff barriers.
"The study demonstrates that there exists a significant potential for the expansion of trade and economic relations between our countries. However, we still have to make serious joint efforts in order to find optimal mutually satisfactory ways for the implementation of reached agreements. We think that no obstacles could hinder mutually satisfactory agreements if we show will and exercise a positive approach," noted Mrs. Nikishina concluding the meeting.
Currently, the Eurasian Economic Union and South Korea are holding consultations on the prospects of entering into a free trade agreement.
"We understand that the establishment of a free trade zone would fully satisfy South Korea's interests. However, so far we have not reached a consensus as far as the project implementation scheme is concerned. On the other hand, EAEU's decision on whether to negotiate this deal or not fully depends on such a consensus," added Mrs. Nikishina.

Deputy heads of governments of the Union Member States will discuss the results of the meeting at the earliest possible time and will decide what further steps should be taken.
Press-release at the official Eurasian Economic Commission web-site