By Lee Hana

Korea and the Eurasian Economic Union (EAEU) have begun initial negotiations for a free trade agreement (FTA) between the two governing bodies, setting up a timeline for subsequent rounds of discussions.

On April 10, the Ministry of Trade, Industry and Energy (MTIE) held a meeting with Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia, all member states of the EAEU, in Minsk to discuss the speedy adoption of an FTA between their regions.

According to the Korea International Trade Association (KITA), trade between the two regions amounted to over USD 14.19 billion last year. In 2016, Korea exported cars and car parts, synthetic resins, plastic products and metal plates to the EAEU. Meanwhile, energy resources, such as crude oil, petroleum, coal and natural gases, were imported to Korea from EAEU countries.

"The signing of an FTA between Korea and the EAEU will help to expand industrial cooperation, while also raising trade and investment between the two regions. The joint statement signed by Belarus, outlining Belarus' unconditional support for a Korea-EAEU FTA, is the first step in this direction," said Vice Minister of Trade, Industry and Energy Jeong Marn-ki.

"Korea and the EAEU have a lot of potential in the realm of science and IT. Now is the time to expand our trade relationship into a strategic partnership. In the future, we look forward to expanded cooperation on industries such as technology, energy and services," he said.

The joint statement signed by Korea and Belarus outlines measures for a speedy adoption of the Korea-EAEU FTA, backed by unconditional support from Belarus.

hlee10@korea.kr