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According to Newsis,
Under the sponsorship of the Ministry of Trade, Industry and Energy (MOTIE), Korea Trade-Investment Promotion Agency (KOTRA) hosted 2020 ROK-China-Russia Post COVID-19 Economic Cooperation Forum on Nov 24, part of regional commitments to mutually beneficial development ties which came out under Seoul’s New Northern Policy and China’s Belt and Road Initiative (BRI or B&R). The kickoff meeting aiming to help enterprises in Korea and China further expand business into the third countries across the world took place since both have signed an MOU in 2017 for the commencement of the working level communication channel for ROK-China economic cooperation which has gone into service up until now.
With the wealth of natural resources and high R&D capabilities to drive growth, countries of Eurasia, in particular, that are sitting on the borders of Europe and Asia are debuting as part of emerging economic bloc lately. Last year alone, trade volume between Korea and Eurasia countries marked USD 30.5 billion. And roughly 70 percent of the gross earnings are from the largest trading partners of all, Russia, which marks the 30th anniversary of diplomatic relations with Korea. Moscow and Seoul have witnessed steep annual growth of 18 percent in trade over the past five years.
In celebration of the event, industry and political specialists presented to share better ways to solidify ROK-RUS economic ties and insights to tap into neighboring markets that lie in Eurasian continent.
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Source: Newsis (Nov 24, 2020)
** This article was translated from Korean.