Recent Development of Russia – Japan Economic Relations and Implications for Korea

This paper provides the following policy implications for Korea. First, Korea needs to take a new approach toward Russia. Currently Seoul is facing numerous internal and external challenges under the rapidly-changing environment in Northeast Asia. Russia is an important partner in both political and economic terms when resolving issues on the Korean Peninsula.Therefore, an open and future-oriented thinking should be incorporated into the new Russia policy. Second, new mechanisms should be established to implement the new Russia policy. Holding summits on a regular basis will be the most effective way. At the same time, a control tower which directs and manages economic cooperation with Russia should be formed under the government. This will remarkably raise the efficiency of Korea – Russia cooperation. Third, measures must be prepared for more active participation in Far East development. The Korean government needs to understand the strategic importance of the Far East. The current stagnant economic growth can be overcome through the creation of a "northern growth space." Eventually such efforts will contribute to bringing peace on the Korean Peninsula. Most importantly, Korea needs to formulate its own original Russia strategy, keeping what is mentioned above in mind.