[THE INVESTOR] South Korea and Russia bolstered ties Aug. 25, agreeing to work together to develop infrastructure in Russia’s far east and push forward with a free trade deal, Seoul’s Ministry of Strategy and Finance said.

The agreements were reached at a South Korea-Russia joint committee meeting on the economy, science and technology held in Seoul.

At the meeting, South Korea’s Deputy Prime Minister Yoo Il-ho, who also serves as finance minister, and his Russian counterpart Yuri Trutnev shared their goals and emphasized the importance of their partnership, along with other high-ranking officials from the two countries.

The deputy prime minister-level talks have taken place every year since 1997, and this year’s meeting is part of preparations for the Seoul-Russia summit slated for early September.

The two countries will enhance government- and business-level cooperation on Moscow’s plans to develop the Russian Far East.

Russia will support South Korean firms investing into its projects to build cold storage facilities in the eastern city of Vladivostok and in modernizing its harbors in the region.

Both sides also agreed to seek a free trade agreement between South Korea and the Russia-led Eurasian Economic Union, which has Kazakhstan, Belarus, Armenia and Kyrgyzstan as members.

The South Korea-EAEU FTA is expected to bolster bilateral economic relations between the two regions.

South Korea’s exports to Russia reached US$4.7 billion last year, down 53.7 percent on-year, with a trade deficit of US$6.6 billion.

(theinvestor@heraldcorp.com)