South Korea and Peru upgraded their relations to a "comprehensive strategic
partnership" Thursday in a move expected to bring the two far-off countries even
closer after their economic ties got a boost from last year's free trade
agreement.
The two sides issued a joint declaration on the partnership
after summit talks between South Korean President Lee Myung-bak and Peruvian
President Ollanta Humala. It calls for bolstering all-round cooperation from
political and military ties to economic, science and technology and other
areas.
Humala arrived in Seoul earlier in the day for a three-day
state visit that also includes a trip to the industrial city of Ulsan. South
Korea, where Humala was posted as a military attache in 2004, was the second leg
of his first trip to Asia since taking office last year. He earlier visited
Japan.
According to the declaration, the two countries agreed to
deepen political cooperation through high-level visits, political consultations
and joint committees. They also agreed to further elevate the partnership
through economic cooperation, such as natural resources development, industrial
transformation and investment.
South Korea and Peru put a bilateral
free trade agreement into effect in August last year. The pact is expected to
further bolster their already fast-increasing trade volume. The two countries
have seen their trade rise more than sixfold over the past eight
years.
"Welcoming the free trade agreement, since it has come into
effect, has contributed to an increase in trade volume, investment and
cooperation in the private sector, the sides decided to strengthen bilateral
economic relations through smooth implementation and further utilization of the
agreement and its mechanisms," the declaration said.
The two countries
also signed a double taxation prevention treaty that official said lays the
institutional groundwork for greater economic cooperation and to bring
substantial benefits to South Korean firms operating in the Latin American
nation.
South Korea and Peru forged diplomatic relations in 1963. Last
year's trade volume amounted to US$3.33 billion, and South Korea's investment in
Peru stood at $1.77 billion at the end of last year.