Finance Minister Hong Nam-ki has stressed the need to sign a free trade agreement in services and investment with member states of the Eurasian Economic Union(EAEU) which includes Russia.

The finance chief spoke at a Wednesday seminar hosted by the Korea Institute for International Economic Policy to mark 30 years of bilateral diplomatic relations with Russia.

In a video welcome message, Hong said the FTA with the EAEU in the service and investment sectors is necessary, especially in relation to the development of the Far East and Arctic regions.

He said that while cementing existing cooperation with Russia in energy and infrastructure, similar efforts must also be pursued in building an industrial cluster in Russia's Maritime Province and winning orders to construct icebreakers that run on liquefied natural gas.

The minister also called for diversifying cooperation channels with Russia.

The EAEU includes other former Soviet Union members such as Belarus, Kazakhstan, Armenia and Kyrgyzstan.