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Seoul, Moscow hold FTA talks for service sector

According to Yonhap News,

SEOUL, March 23 (Yonhap) -- South Korea on Monday launched another round of trade talks with Russia to flesh out details on the two country's pending free trade agreement (FTA) in the service and investment segments.

The two countries have decided to hold the four-day video conference on their free trade talks due to the global spread of the novel coronavirus, according to the Ministry of Trade, Industry and Energy.

So far, the two countries held three rounds of trade negotiations, with the previous meeting being held in Moscow in January with a goal to strike the deal this year.

Seoul and Moscow first launched their negotiations in June last year to lower barriers for the service and investment segments.

"The two countries have reached a consensus that they should make progress in the negotiations thorough video meetings, phone calls and emails despite the new coronavirus pandemic," the ministry said in a statement.

During the video conference, the two countries are expected to reach agreements on key articles of the trade pact, the ministry said.

The FTA talks with Russia, meanwhile, are anticipated to lend a hand to South Korea's efforts to launch separate free trade talks with the Eurasian Economic Union (EAEU), which has Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan as its members.

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Source: Yonhap News (Mar. 23 , 2020)

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