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South Korea Looking at New Trade Deal with the Eurasian Economic Union

South Korea’s trade minister met with Russian officials this week in order to lay the groundwork for a new free trade deal with the Eurasian Union.

The move comes amid increasing pressure from the U.S. to renegotiate the South Korean – American trade deal, known as KORUS. The South Korean Trade Minister met with the CEO of a state-owned banking giant in Russia, as well as the Russian Deputy Minister of Economic Development. The sides talked about steps that will be necessary to begin to lay the foundation for a free trade agreement.

The meetings this week are part of an ongoing effort by South Korea to accelerate talks with the EAEU regarding an open trade pact. South Korean officials said after the meetings that signing a trade deal with the Eurasian Economic Union is the same as clinching a deal with Russia. Vietnam became the first country to sign a trade deal with the EAEU back in 2015.

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