President Lee Myung-bak met with Chilean President Sebastian Pinera on Friday, and agreed to upgrade their free trade agreement to a new level.

Speaking at a joint press conference following their bilateral summit, President Lee said that the two countries have decided to expand cooperation to various fields, such as education, culture and renewable energy, through an enhanced trade pact.

[Interview : President Lee Myung-bak] "The two nations plan to endlessly strengthen bilateral cooperation as we share the same value in pursuing democracy, free market economy and free trade."

The Korea-Chile FTA, which is the first trade pact Korea signed, came into effect in 2004, and bilateral trade volume between the two countries more than quadrupled since then.

And during a meeting with Korean and Chilean businessmen later in the day, President Lee stressed that Chile will be the door to the Latin American market for Korea, and Korea will be the bridgehead for Chile to enter the Asian market.

[Interview : President Lee Myung-bak] "I expect the doors of the two nation, that have been open through the FTA, could become stronger through a common value we share, and could further develop through specific cooperation projects as well as exchanges."

Korea and Chile also signed an agreement to better cooperate in developing green and marine energy.

[Reporter : Eoh Jin-joo jjeoh@arirang.co.kr] "President Lee will leave for Colombia on Saturday, to hold bilateral talks with his Colombian counterpart Juan Manuel Santos, where the two countries are expected to sign their bilateral trade pact.

June 24, 2012

Source: Arirang

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