Chilean leader urges Latin America to boost ties with Asia

By Tony Chang
SEOUL, Nov. 11 (Yonhap) -- Asia offers new opportunities for trade and economic
growth to Chile and other Latin American countries, the visiting Chilean
president said Wednesday, calling for expanding trade deals and overall economic
ties between the two regions.

"Latin America, which has so far been looking at North America (in terms of
economic ties), must work to find synergy (with other parts of the region) in
line with the global economy," Michelle Bachelet said through an interpreter
during a keynote speech at a forum in Seoul.
The Chilean president started her two-day visit to South Korea on Tuesday. During
a summit with her South Korean counterpart Lee Myung-bak earlier in the day, the
two leaders agreed to revise a free trade agreement (FTA) between their countries
to reflect changed conditions since the deal was signed five years ago.
The two countries signed an FTA, Seoul's first-ever free trade agreement, in
early 2003 and put it into effect a year later.
Bachelet pointed out Asia's increasing significance for Chile, saying that her
country has maintained strong relationships there, particularly with South Korea.
"Chile's relationship with Southeast Asia is also blooming," Bachelet said,
noting that its trade relations with South Korea would be able to "grow further"
in the future.
Trade volume between South Korea and Chile nearly quadrupled over the past five
years after the countries sealed the free trade pact, reaching US$7.16 billion
this year, compared with $1.85 billion in 2003, according to government data.
The president also noted that the bilateral free trade deal ended up bringing
about a "win-win" situation for both countries, despite initial concern about
backlash against respective agricultural sectors.
She also said that Seoul has a lot to benefit from Chile in terms of energy,
stressing that her country is abundant in the area of energy "which could be
shared" with South Korea.
The Seoul government announced earlier this week a plan to provide 260 billion
won (US$223 million) from its economic development fund to Latin American
countries over the next four years to help support the region's economic and
social development programs.
The plan comes as Latin American countries are quickly emerging as major trading
partners of South Korea, with bilateral trade and investment tripling over the
past five years.
odissy@yna.co.kr
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