Lee says S. Korea, Chile will reactivate committee to negotiate modernizing FTA

SANTIAGO — President Lee Jae Myung said Thursday that South Korea and Chile have agreed to reactivate a joint committee to discuss ways to enhance bilateral trade, including by modernizing their free trade agreement (FTA).

The South Korean president made the remarks at a joint press announcement with Chilean President Jose Antonio Kast in Santiago following their summit.

"South Korea and Chile agreed to further expand cooperation in trade and investment to pursue mutual growth," Lee said.

As part of the agreement, the two countries will reactivate their joint FTA committee for the first time in 10 years to discuss ways to enhance bilateral trade relations, including modernizing the South Korea-Chile FTA in a mutually beneficial manner, he added.

In a media interview released the previous day, Lee highlighted that updating the agreement is not just about revising trade rules but also expanding business opportunities.

It "must evolve to reflect new realities," he said.

The South Korea-Chile FTA took effect in 2004.

"In 2004, South Korea chose Chile as its first FTA partner.

Bilateral trade ...