South Korea and Mongolia on Sunday agreed to seek a bilateral free trade pact, Seoul's presidential office Cheong Wa Dae said. 
The agreement was reached during a summit between President Park Geun-hye and her Mongolian counterpart Tsakhiagiin Elbegdorj, Yonhap news agency reported. Park is currently in Ulaanbaatar for a two-day official visit after attending the Asia-Europe Meeting (ASEM) that ended Saturday. 
During the summit, the two sides also agreed to seek South Korea's participation in Mongolia's 14 projects, including some urban development schemes and infrastructure programs to build power plants and railways, and expand electricity transmission networks. 
The projects are estimated to be worth US$4.49 billion in total. To support South Korea's participation in these projects, the two sides signed 20 memorandums of understanding (MOUs), mostly over bilateral economic cooperation. 
The signing of the MOUs was the culmination of the efforts that the two nations have made to deepen and widen bilateral ties since they opened diplomatic ties in 1990.

Source: QNA