Finance Minister Hong Nam-ki said Monday that the government will actively pursue its New Northern Policy this year to expand economic cooperation with Russia, Mongolia and other countries in the region.

The minister made the vow during a meeting of economy-related ministries at the government complex in Sejong city, noting 2020 marks the 30th anniversary of South Korea establishing diplomatic ties with both Russia and Mongolia. 

Under the plan, the government will expand and improve cooperation with Russia in nine areas including railroads, electricity, shipbuilding, gas, agriculture, fisheries and industrial complexes. 

Hong said the government also plans to establish a mid- and long-term cooperation model with Mongolia and central Asia and to seek bilateral and multilateral free trade agreements with countries located north of the Korean Peninsula. 

The minister said South Korea will spare no efforts to help conclude a mega Asia-Pacific trade deal, called the Regional Comprehensive Economic Partnership, by the end of this year by forging deeper ties with the Association of Southeast Asian Nations.