The committee was created under a presidential decree approved at a Cabinet meeting on Monday.

Initially, the new presidential committee is widely expected to work for enhanced economic relations with Russia.

The committee "is expected to play an active role in making sure maximum output of the country's policy on northern economic cooperation based on the soutcome of the upcoming Korea-Russia Joint Economic Committee and the third Eastern Economic Forum slated for early September," the finance ministry said earlier.

The EEF is scheduled to be held Sept. 6-7 in Russia's Vladivostok, involving the South Korean president, his Russian counterpart Vladimir Putin and many other global leaders.

Still, many believe the new committee may also work with North Korea in the future.

While meeting with officials from the foreign and unification ministries earlier in the week, President Moon called for efforts to prepare for improved relations with the communist state, saying the inter-Korean relations, though currently at their lowest ebb, will improve just as spring comes each year. (Yonhap)