The Ministry of Science and Technology says that the National Assembly on Friday approved a space technology safeguards agreement with Russia.

The accord will likely boost Korean space projects such as the launch of small artificial satellites by assuring Seoul and Moscow greater transparency in their space technology cooperation in accordance with international standards.

The two countries have been jointly developing a light booster rocket since 2002, with a launch date originally set for October next year. However, the launch has been pushed to after 2008 due to previous failure to conclude the safeguards agreement.