The prospects of the economic cooperation of the Russian Federation and the Republic of Korea amidst the expanding trade wars in the modern world

Abstract

Introduction. The paper is devoted to the review of the current state of economic cooperation between Russia and the Republic of Korea under the influence of the main trends in the development of the world economy in 2019. There is presented the analysis of the achieved results of Russian-Korean cooperation, taking into account the complications of the internal economic situation in each country. The prospects of development of mutual economic cooperation in the context of continuing unfavorable trends of protectionism and trade wars in the world are assessed.Materials and methods. The study uses expert, statistical and comparative analysis, analysis of the empirical data, as well as the methods of induction, deduction, analogy, generalization.Results. As a result of the analysis, the key features of economic cooperation between Russia and the Republic of Korea at the present stage were identified, an assessment of the current state of trade and investment relations between the two countries is given; the prospects of further development of bilateral trade and economic relations are analyzed with consideration to the foreign policy factors and the situation in the world economy.Discussion and conclusion. As the presented study showed, at present the most important sphere of interaction between countries is foreign trade. Traditionally, bilateral trade is the determinant in the relations between Russia and the Republic of Korea. The urgent task for both countries is to formulate a coordinated strategy for the long-term economic cooperation taking into account the challenges that the global and national economies face, and to achieve the level of “strategic partnership” in the bilateral relations in the near future.