Preparing for the next 30 years of relations between Korea and Russia is a true starting point for Korea's future national strategy of building a “bridging nation that connects the continent with the sea.” In order to achieve this national strategy, the Korean government should focus on establishing economic cooperation governance that can effectively promote a sustainable economic cooperation strategy with Russia. As in Russia the government plays a particularly influential role, creating strong ties through intergovernmental working groups meetings and establishing an institutional foundation at the private level can be a useful approach to promoting economic cooperation between the two countries.
   Chapter 2 presents our theoretical model based on the conceptual definition and key role of economic cooperation governance. In particular, while paying attention to transaction costs as an important factor in determining the level of external economic cooperation, we attempted to make theoretical definitions of search and monitoring costs, which are the sources of transaction costs. Ultimately, good external economic cooperation could be defined as a series of institutional systems that effectively lower transaction costs.
   In Chapter 3, an in-depth study of Russia's external economic cooperation governance was conducted. First we present the directions and tasks for establishing economic cooperation governance based on the Russian government's foreign economic strategy, and discuss promising directions for promoting foreign economic cooperation with major countries (Korea, Germany, Japan, China, and Vietnam). The Russian government has sought to expand its platform for economic cooperation by strengthening bilateral relations with major partner countries. In cooperation with major countries in the Asia-Pacific region (Korea, China, and Japan), which are rapidly emerging in the global economy, Russia has diversified its trade structure by strengthening cooperation to execute development programs in the Far East and Siberia. Russia has also given priority to reactivating its investment cooperation with Vietnam, which it has enjoyed a special relationship with since the Soviet Union era, and Germany, with which it established close relations during the post-Cold War unification process.
   In Chapter 4 we analyze various cases of economic governance in four major countries (Germany, Japan, China and Vietnam). Each of these countries are common in that they share regional and strategic interests with Russia. While Germany and Japan are participating in economic sanctions against Russia, China and Vietnam are not. China and Germany have established a strong economic governance platform as Russia's first and second largest trading and import partners in the area of energy resources. In addition, Vietnam has been cooperating with Russia since the Soviet Union era and has maintained close ties with Russia to present day based on solid mutual trust. While Japan remains a participant in economic sanctions against Russia and is undergoing territorial disputes with Russia, nevertheless it has been one of Russia's major partner countries for Far East development and Arctic energy cooperation projects.
   Chapter 5 provides an overall review of Korea's economic cooperation policy and governance. In September 2017, through a keynote speech delivered at the 3rd Eastern Economic Forum General Assembly held in Vladivostok, the Korean government officialized its New Northern Policy. The Moon Jae-in administration has set economic cooperation with Russia as the primary goal of the New Northern Policy, also adopting the 9-Bridge Strategy to promote cooperative tasks in nine sectors. However, as we prepare for the 30th year of diplomatic relations between Korea and Russia in 2020, it will be essential to strive for more substance in economic cooperation between the two countries. As such, it is time for more fundamental concerns about Korea's economic cooperation governance with Russia.
   In relation to these concerns, the opinions of domestic and foreign experts on Korea's economic cooperation governance offer the following potential conclusions. First, in relation to the economic cooperative bodies established between the two countries, we point out several entities that should be abolished or integrated, and identify the most efficient and necessary bodies, as well as institutions that should be newly established. Second, in the area of public-private and private economic cooperation bodies, we identify institutions that should be abolished or integrated, institutions that should be reorganized and institutions that should be newly established. Third, in regard to the various support systems to promote Korea-Russia bilateral economic cooperation and Korea's economic cooperation with Russia, we identify those that should be abolished or integrated, or require fundamental improvement in their operations, and support systems that should be newly established.
   In Chapter 6, based on the above findings, we present six ways to improve Korea's external economic cooperation governance with Russia.