South Korea and Russia agreed Tuesday to make efforts to conclude a free trade agreement(FTA) that focuses on services and investment.

Finance Minister Hong Nam-ki made the announcement in Moscow where he is meeting with a Russian delegation led by Deputy Prime Minister Yuri Trutnev.

In a press briefing, Hong said the first Seoul-Moscow FTA negotiations were held in June and a second round is expected to take place in the near future.

Both sides also decided to launch a fund for the industrial materials and parts sectors.

The finance minister said both countries will work to boost bilateral trade to 30 billion U.S. dollars, higher than the 25 billion dollars achieved last year, and also try to increase the number of bilateral visitors to one million from 700-thousand in 2018.

Next year marks the 30th anniversary of official diplomatic relations between South Korea and Russia.