SKorea, Peru seek to conclude free-trade deal

By KWANG-TAE KIM

SEOUL, South Korea

The presidents of South Korea and Peru agreed Thursday to expand economic ties and called for efforts to quickly conclude free-trade negotiations.

The two countries began free-trade negotiations early this year and have since have made progress, according to South Korea's trade and foreign affairs ministry.

The proposed deal would be South Korea's second such agreement reached with a Latin American country. South Korea has already ratified and implemented a free-trade pact with Chile.

An announcement was issued on behalf of South Korean President Lee Myung-bak and his Peruvian counterpart Alan Garcia.

"The two leaders shared the view that it was important to quickly conclude negotiations for a free trade agreement," said a joint statement released by Lee's office after the summit earlier in the day.

Garcia later said he expects "good results" from ongoing talks for the agreement with South Korea.

An free-trade agreement "will bring about benefits for not only South Koreans but Peruvians as well," he said at a news conference, according to Yonhap news agency. "There will be good news in the near future as both sides are interested in sealing (a deal)."

Lee also held a summit with Chilean President Michelle Bachelet on Wednesday, and they agreed to consult on ways to further deepen and develop their countries' free-trade deal, noting things have changed since it was ratified five years ago.

South Korea has been aggressively pursuing free-trade agreements as part of a strategy to boost its economy and increase opportunities for its companies, including heavyweight exporters such as electronics maker Samsung and automaker Hyundai.

It has negotiated deals with the United States and the European Union, although both remain unratified.

In effect are agreements with 15 countries: Chile, the 10-member Association of Southeast Asian Nations, and the European Free Trade Association, which comprises Switzerland, Iceland, Liechtenstein and Norway.

Besides Peru, South Korea is negotiating free trade deals with 10 other nations, including Canada, Mexico, Australia and New Zealand.