S. Korea, Peru report progress in telecom, other issues in free trade talks
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[July 03, 2009]

S. Korea, Peru report progress in telecom, other issues in free trade talks

SEOUL, Jul 04, 2009 (Asia Pulse Data Source via COMTEX) -- South Korea and Peru have made progress in competition and other sectors at this week's free trade talks in Seoul, the trade ministry said Friday.

According to the ministry, both sides virtually reached an agreement on competition and telecom issues during a five-day meeting that ended earlier in the day, and agreed to hold further talks on other issues in the future.

But they did not set the date for the next round of negotiations.

During previous negotiations, held in March and May, the two countries hammered out details on government procurement and worked through major disputes.

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 that covers manufactured goods and agricultural products. The country is also negotiating with the European Union and Canada for free trade pacts.

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