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Since 1988 Russia and Korea have been developing bilateral economic relations. After the conclusion of, the first trade agreement, Korea has become one of the largest trading and investment partners of the Russian Far East. Annually, Korea has increased trade and investment flows to the Russian Far East, a region with high growth potential. By the 2000s Korea has become the Russian Far East’s third largest trading partner. This article considers trade and investment flows from the 1990s to the present, analyses the prospects of achieving goals, and the problems of developing further bilateral cooperation between Russia and Korea.