S. Korea, Peru to hold free trade talks next week

SEOUL, Oct. 16 (Yonhap) -- South Korea and Peru will hold their fourth round of
free trade negotiations next week, Seoul's trade ministry said Friday.
During the five-day session that runs in the Peruvian capital of Lima through
Thursday, negotiators from both sides will seek to iron out differences on tariff
concessions and other key issues, according to the ministry.
South Korean President Lee Myung-bak and Peruvian President Alan Garcia agreed to
launch free trade negotiations last November.
Bilateral trade reached US$1.62 billion in 2008, with South Korea's exports to
the South American country reaching $720 million, according to the ministry.
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. This week, the country initialed a similar trade pact with the
European Union (EU).
sam@yna.co.kr
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