South Korea is moving to launch formal negotiations on a free trade deal with Uzbekistan by the end of the year.
Finance Minister Hong Nam-ki told economy-related ministers during a meeting on Monday the government will complete domestic procedures this month to begin FTA talks.
The minister called Uzbekistan one of the important partners for South Korea's New Northern Policy aimed at improving partnerships with countries located north of the Korean Peninsula.
In July, Hong and Sardor Umurzakov, Uzbekistan's deputy prime minister for investment and foreign economic relations, held talks in Seoul and agreed to speed up preparations for a free trade pact.
The two countries have already completed a feasibility study on the proposed agreement.
Uzbekistan was the 35th-largest export destination for South Korea last year, with outbound shipments to the central Asian country reaching 2.3 billion dollars, up 10.4 percent from a year earlier.
<Photo: Yonhap News>
