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LIMA, PERU - South Korea and Peru agreed at a summit Friday to launch negotiations on a free trade deal, days after Lima sealed a similar pact with fellow Asian power China.
Peruvian President Alan Garcia received South Korean President Lee Myung-Bak at the presidential palace in the oceanfront capital ahead of a 21-nation weekend Asia-Pacific summit.
"We have taken the decision to initiate negotiations on a free-trade agreement between our two nations," Garcia said.
The Peruvian leader expressed hope that growing international trade would give a boost to the troubled global economy.
"We are convinced that once we have an exchange of products we are going to rapidly get out of the problems in this crisis," he said.
Lee voiced admiration for economic growth in Peru, whose economy soared nine percent last year thanks in part to thriving demand for minerals.
"I would like to express my admiration and appreciation for Peru, which has been posting dazzling economic growth and reducing its numbers of poor," Lee said.
"Peru and Korea share the hope of stimulating global economic growth through a free-trade economy in order to solve the world financial crisis without resorting to protectionism," he said.
Asian economic giants Japan, China and South Korea have increasingly sought bilateral free-trade deals in light of the collapse of international trade negotiations.
Peru wrapped up negotiations Wednesday on a free-trade deal with China during a visit by President Hu Jintao. --AFP
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