The issue was high on the agenda of a meeting between Russian Far East Development Minister Alexander Galushka and North Korean External Economic Affairs Minister Ri Ryong Nam in Pyongyang on Wednesday.
The two men agreed that the establishment of the new structure should stipulate a possible third party being excluded from the process of clinching transactions.
According to Galushka, this will help reduce the price of goods, and tighten control over delivery quality.
The Russian Far East Development Ministry also believes that the Asian Trade House will help Russia and North Korea to synchronize trading platforms and conduct transactions through partner banks that will be accredited to deal with trade turnover in the respective national currencies.
On February 4, 2015, the Business Council for Trade and Economic Cooperation with North Korea was set up in Russia. The main goal is to help Russian companies find business partners in North Korea.
In late 2014, the trade turnover between the two countries amounted to 92.3 million dollars. Russia and North Korea plan to increase the volume of bilateral trade to a billion dollars by 2020.
