South Korea and Russia have agreed to launch talks on adopting a visa waiver accord.

The two sides reached the agreement during a meeting of the South Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation held in Moscow.

The envisioned accord seeks to waiver visas for South Koreans who visit Russia for one to three months for tourism purposes and vice-versa. The two sides will discuss details the accord during the Asia-Pacific Economic Cooperation summit that will open early next month in Russia’s Russky Island.

During the latest meeting, South Korea’s delegation proposed to Russia that they resume efforts to hold bilateral free trade talks.

Currently, South Korea’s trade volume has exceeded one trillion dollars but trade with Russia accounts for only two percent of the total trade volume.

South Korea and Russia also agreed to have South Koreans actively take part in development projects in Russia’s Far East regions, including Siberia.