Leaders of S. Korea, Chile agree to improve ties through FTA revision

By Byun Duk-kun
SEOUL, Nov. 11 (Yonhap) -- South Korean President Lee Myung-bak and visiting
Chilean President Michelle Bachelet agreed Wednesday to revise a free trade
agreement (FTA) between their countries to reflect changed conditions since the
deal was signed five years ago.
The leaders noted the move will help further improve economic relations between
the countries, whose bilateral trade jumped four fold from US$1.85 billion in
2003 to nearly $7.2 billion last year, according to Seoul's presidential office
Cheong Wa Dae.
"Noting there have been changes in conditions during the past five years since
the Korea-Chile FTA was enacted, the two leaders agreed to work together to
further improve and develop the FTA," Cheong Wa Dae said in a press release.
The South Korean president also asked Bachelet to support South Korean businesses
in Chile, it said.
Lee and Bachelet agreed to improve cooperation in the cultural sector as South
Korea agreed to take part in Chile's celebration of its 200th anniversary of
independence, while Chile agreed to participate in the 2012 World Expo to be held
in South Korea's Yeosu, according to the press release.
The leaders also sought to improve their countries' cooperation in dealing with
international issues, such as the global financial crisis, climate change and
North Korea's nuclear program.
"President Lee explained our government's efforts to resolve the North Korean
nuclear issue through six-party negotiations and about his proposal for a grand
bargain in denuclearizing the North while President Bachelet expressed her active
support for such efforts," Cheong Wa Dae said.
The Chilean president arrived here Tuesday en route to Singapore where she and
her South Korean counterpart will attend the annual summit of the Asia-Pacific
Economic Cooperation.
bdk@yna.co.kr
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