President Lee Myung-bak and Chilean President Michelle Bachelet greet children during a welcoming ceremony in Seoul, Wednesday. Bachelet arrived in Seoul for a twoday official visit. / Korea Times Photo by Son Yong-seok |
By Na Jeong-ju
Staff Reporter
South Korea and Chile agreed Wednesday to seek ways to develop their bilateral free trade agreement (FTA), which took effect in 2004, to deepen their economic partnership.
At a summit between President Lee Myung-bak and Chilean President Michelle Bachelet at Cheong Wa Dae, the two leaders also discussed the need to strengthen bilateral cultural and civilian exchanges.
Two-way trade has increased four-fold since the implementation of the deal. Last year, trade between the two countries was recorded at $7.1 billion, compared with $1.8 billion in 2003.
The two leaders agreed that international trade conditions have changed since 2004, so the two countries need to find ways to boost bilateral trade and investment, Cheong Wa Dae said.
President Lee asked Bachelet to support Korean firms seeking to participate in Chile's infrastructure and energy development projects.
The summit agenda also included ways to strengthen civilian and cultural exchanges.
South Korea agreed to take part in Chile's celebration of the 200th anniversary of its independence from Spain next year. The South American country will participate in the Yeosu World Expo in 2012.
President Bachelet expressed his satisfaction with the deepening relations between the two nations, saying South Korea is an important role model for her country.
The leaders also agreed to strengthen cooperation in dealing with international issues, such as the global financial crisis, climate change and North Korea's nuclear program.
"President Lee explained the government's efforts to resolve the North Korean nuclear issue through six-party negotiations. Bachelet expressed her support for Lee's 'Grand Bargain' proposal aimed at denuclearizing the North," the presidential office said.
The Chilean president arrived here Tuesday at the invitation of Lee on her way to Singapore to attend the Asia-Pacific Economic Cooperation summit on Nov. 14 and 15.
Today, Lee will hold a summit with Peruvian President Alan Garcia on ways to promote economic cooperation.
jj@koreatimes.co.kr
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