S. Korea, Chile seek to form multilateral FTA

LIMA, Nov. 23 (Yonhap) -- South Korea and Chile have agreed to work together to
form a new multilateral free trade agreement (FTA) involving about 10 Pacific Rim
countries, a government official accompanying South Korean President Lee
Myung-bak on his visit to Peru said Sunday.

The agreement was reached during Lee's summit talks with Chilean President
Michelle Bachelet, held on the sidelines of the annual Asia Pacific Economic
Cooperation forum summit in this Peruvian capital of Lima.
"Bachelet explained Chile plans to start negotiations on a multilateral FTA with
New Zealand, Singapore and Brunei in March next year, while the U.S., Australia,
India and Peru are expected to join the move later," said the official.
"The Chilean leader then asked South Korea to take part in the effort to form a
new multilateral FTA, and President Lee gave a positive response," the official
said. A bilateral free trade agreement between South Korea and Chile took effect
in 2004.
At the summit, Lee and Bachelet also assessed the latest developments in
bilateral trade and discussed closer cooperation in Chile's mineral resources and
construction sectors.
In particular, Lee asked Bachelet to back South Korean companies seeking to
participate in Chile's power generation and high-speech Internet network
projects, and the Chilean leader reacted positively, said the official.
ycm@yna.co.kr
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