The leaders of South Korea and Chile agreed Wednesday that a free trade pact signed five years ago should be revised to further strengthen economic ties, officials said.
President Lee Myung-Bak and his Chilean counterpart Michelle Bachelet said they would work together to further improve and develop the FTA, citing changes in conditions since the signing, according to a statement from Lee's office.
South Korea ratified the Chile pact -- its first free trade deal -- in February 2004 despite violent protests from its farmers who feared the impact of cheaper food imports.
Seoul since then has signed a series of other such deals.
Bilateral trade quadrupled from 1.85 billion dollars in 2003 to 7.16 billion dollars last year, according to Lee's office.
Bachelet expressed satisfaction with the high level of cooperation between the two nations since the pact was enacted, saying South Korea is an "important role model" for Chile's development, the statement said.
Lee asked Bachelet to help South Korean firms take part in Chilean energy, resources and infrastructure projects.
"We can say South Korea's relationship with Chile has grown deeper than with any other South American nation," he told her.
The leaders agreed to strengthen cooperation on international issues such as the global financial crisis, climate change and North Korea's nuclear programme.
Bachelet arrived Tuesday en route to Singapore, where she and Lee will attend the annual summit of the Asia-Pacific Economic Cooperation forum.
INTERNATIONAL BUSINESS NEWS
S.Korea, Chile to revise free trade pact
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