Korea/Russia reach bilateral maritime agreement

Korea and Russia have recently concluded a maritime agreement.

After 10 years of talks since having first discussed a Korea/Russia maritime agreement in 1991, a long-time issue between the two countries, the two countries finally came to terms in the ninth Korea and Russia Maritime Working Level Meeting held from March 8 to 10 in Seoul. Although the agreement was partially signed in April 1999, it was postponed to carry it out in top-level discussions because of different views on some issues such as the range of vessels in most-favored nation status in the port sector.

Both sides succeeded in making an agreement to include every vessel (including short-time chartering vessels) that shipping companies operate under most-favored nation status as well as to upgrade vessels to the same level as each other's in each countries' domestic ports.

In addition, both sides consented to a mutual opening period regarding Korea/Japan, Korea/China, Russia/Japan and Russia/China, to take effect when the maritime agreement effects. Sailing fees imposed on Korean vessels from the Russian government will be lifted as well as transit visa problems in Sokcho/Jarubino trade and extra port facilities early provisions in Posytee, Russia.

All these issues in the maritime agreement between the two countries will take effect after signing through internal procedures.