South Korea and Serbia have reached a tentative deal to sign a bilateral investment treaty aimed at promoting mutual investments between the two countries, according to Seoul's foreign ministry Thursday.

The treaty is expected to provide a legal framework for the protection of South Korean investments in Serbia from non-commercial risks, and promote mutual investments and strengthen economic cooperation, the ministry said.

The agreement, reached on Wednesday in the Serbian capital of Belgrade, is expected to go through formal signing. It is subject to approval by the legislatures of both countries for ratification.

According to the ministry, bilateral trade between the two countries last year amounted to $410 million. (Yonhap)