South Korea and the Soviet Union have initialed a trade agreement in Moscow granting limited most-favored-nation treatment to each other, the Trade-Industry Ministry said Saturday.
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The agreement was reached at a meeting of working-level officials of the two countries who met in Moscow Thursday and Friday. It will be formally signed before the end of the year, officials said.Under the accord, the two sides will mutually grant most-favored-nation status in such areas as tax, tariff and taxation procedures, permission, quantity restriction and foreign exchange allocation for exports and imports, customs clearance and sales, distribution and storage of imported goods, the officials said.