Seoul and Moscow are poised to begin domestic procedures to launch negotiations for a bilateral free trade pact in the service and investment sectors. 

In a keynote speech at the South Korean-Russian Business Forum held in Moscow early Friday, President Moon Jae-in revealed that he and Russian President Vladimir Putin will agree on it during their summit scheduled for later in the day. 

On the second day of his three-day state visit to Russia, Moon proposed South Korea and Russia extend their trade to 30 billion dollars by 2020, when they mark the 30th anniversary of their diplomatic ties. He also hoped that people-to-people exchanges between the two countries will rise to a million by that time. 

Moon pointed to the South Korea-Russia free trade agreement(FTA) as the starting point for such efforts, emphasizing the FTA should expand to cover goods and become an inclusive and mutually beneficial deal for both countries.