SKorea, Peru Seek To Conclude Free-trade Deal

KWANG-TAE KIM

SEOUL, South Korea (AP) — 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)."