S. Korea, Peru to hold free trade talks next week
Yonhap News, Seoul
S. Korea, Peru to hold free trade talks next week
24 August 2010
SEOUL, Aug. 24 (Yonhap) — South Korea and Peru will hold their fifth round of free trade negotiations next week, Seoul’s trade ministry said Tuesday.
During a two-day session that starts in the Peruvian capital of Lima from Sunday, negotiators from both sides will try to iron out differences on some thorny issues, according to the ministry.
Following the negotiations, South Korean Trade Minister Kim Jong-hoon will meet his Peruvian counterpart Martin Perez to further narrow differences, the ministry said.
Their bilateral trade reached US$1.56 billion in 2009, with South Korea’s exports to the South American country reaching $641 million, according to the ministry.
Peru, if both countries conclude a deal, will be the second South American country with which South Korea seals a free trade accord.
In April 2003, South Korea signed a free trade agreement with Chile, Seoul’s first free trade partner. South Korea is also seeking to forge a free trade deal with Mexico.
South Korea currently has free trade pacts with Singapore and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Ireland and Liechtenstein.
A free trade pact between Korea and the United States was signed in 2007 but still awaits ratification in the legislatures of both countries.
South Korea also has a free trade agreement with the Association of Southeast Asian Nations. The country is set to sign a similar trade pact with the European Union (EU).
