S. Korea, Peru set to begin free trade talks: Lee

SAO PAULO, Nov. 17 (Yonhap) -- South Korea and Peru will declare the launch of negotiations on a two-way free trade agreement during a bilateral summit slated for later this week, South Korean President Lee Myung-bak said in an interview here Monday.

Lee told Peruvian newspaper El Correo that his government is determined to
develop relations between South Korea and Peru into a comprehensive cooperative
relationship through the FTA and closer economic and commercial exchanges.
Lee, who arrived in Brazil on Monday for a four-day official visit, plans to
visit the Peruvian capital of Lima for a state visit and to attend the annual
APEC summit between Nov. 20-23. On Friday, Lee will hold summit talks with
Peruvian President Alan Garcia to discuss closer bilateral cooperation in the
fields of energy, defense industry, information technology, maritime science and
infrastructure construction.
"At the Nov. 21 summit, I and President Garcia plan to declare the official
launch of negotiations on a bilateral FTA. In addition, we'll discuss upgrading
bilateral relations in trade and investment," Lee said in the interview.
"One of the reasons for the decision to seek an FTA with Peru is that the
Peruvian market is now flooded with Chinese products. The free trade deal will
help improve the price competitiveness of Korean products in Peru, resulting in
greater economic and trade benefits to the Peruvian consumers," said the
president.
Lee then noted that Peru could be very attractive to South Korean companies
seeking to build new manufacturing plants in Latin America, due to the country's
"stable sovereign credit rating, abundant labor force, superior geopolitical
location" and other outstanding qualities for investors.
ycm@yna.co.kr
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