Korea stresses economic cooperation in summit with Chile

Korea stresses economic cooperation in summit with Chile


May 3, 2019

Global Korean Post


By Oh Hyun Woo and Kim Hwaya

President Moon Jae-in on April 29 in Seoul hosted a summit on economic cooperation with visiting Chilean President Sebastian Pinera.

“Two-way trade volume quadrupled thanks to the free trade agreement (both countries) signed in 2003, and we mutually became important economic partners,” President Moon said, adding, “Since we forged a ‘comprehensive, cooperative’ partnership in 2004, our relations have grown stronger.”

Pinera said, “Korea and Chile established diplomatic ties 56 years ago. Korea achieved amazing economic growth during this period and is now one of Chile’s five top economic partners.”

Both leaders agreed to amend the trade agreement, which was signed 15 years ago, and boost cooperation in next-generation industries including 5G and information and communications technology. Additionally, they pledged to share their experiences and knowledge and strengthen institutional frameworks in the four big fields of the Fourth Industrial Revolution, e-government, cyber security and climate change.

After their summit, both leaders watched the signing of a bilateral agreement on defense cooperation and three memorandums of understanding on areas such as collaboration in e-government.

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