LIMA, Peru ― South Korea and Peru have agreed to begin negotiations on a two-way free trade agreement (FTA) in the first half of 2009 and closely cooperate in overall economic fields, including Peru's massive infrastructure expansion projects.
Korea and Colombia also agreed to push for a free trade agreement.
In their first summit talks Friday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum, President Lee Myung-bak and his Peruvian counterpart, Alan Garcia, agreed to establish comprehensive cooperative relations between their countries, Yonhap News reported.
The two leaders agreed to push for the combination of Korean capital and technology with Peruvian energy and natural resources, as well as for the conclusion of a dual taxation prevention accord as soon as possible, Lee's spokesman was quoted as saying.
Specifically, Lee and Garcia agreed to set up a high-level dialogue channel between their governments, push for the opening of direct air service between their capital cities, deepen exchanges in broadcasting and take a common stance on the global financial crisis, climate change and other global issues, according to the report.
In addition, President Lee asked for Garcia's support for Korean companies seeking to participate in the Peruvian government's plans to build new petrochemical plants, modernize its military and expand roads, ports, housing and other infrastructure, it said.
"President Lee asked Garcia to back various Korean-Peruvian industrial cooperation projects after introducing each of the South Korean companies interested in the Peruvian market ― SK, Samsung Electronics, LG Electronics, Doosan Heavy Industries & Construction and Korea Petroleum Development Corp," the spokesman told reporters.
Lee credited SK, which is pushing to take part in the construction of a Peruvian petrochemical plant, with world-class technologies and experience in the petrochemical field, while stressing that Samsung Electronics' wireless broadband Internet technology is ideal for Peru's mountainous terrain.
After the summit meeting, Garcia decorated Lee with the Grand Cross of the Order of Sun, the highest Peruvian honor, the report said.
On Saturday, President Lee and Colombian President Alvaro Uribe agreed to widen practical economic and commercial cooperation between the two countries and constructively consider opening bilateral FTA talks in the near future," the spokesman was quoted as saying.
Lee also held a summit with Singaporean Prime Minister Lee Hsien Loong to discuss ways to expand bilateral economic cooperation.
The talks with the Singaporean leader focused on expanding bilateral cooperation over the worldwide financial crisis and in the defense industry sector.