South Korea has wrapped up negotiations with Russia over a prospective bilateral service sector agreement.

On Monday, South Korea and Russia tentatively signed the agreement, which touches on communications, finance and tourism matters. Trade ministers of the two countries plan to formally sign the pact at the upcoming APEC conference in Chile.

South Korea has thus wrapped up talks with Russia on products and the service sector, following the launch of the negotiations in May 2000.

Seoul has been demanding Moscow to gradually reduce the excessive local market share of its information and communication companies to pave the way for South Korean firms to make inroads into the Russian market. Russia has recently made a number of concessions on the demands.

President Roh Moo-hyun formally signed a bilateral agreement on products during his visit to Russia in September.