09:52 | Lima, Apr. 14 (ANDINA).
Peru and the Republic of Korea established diplomatic relations on April 1, 1963, and has now completed 50 years of friendship and cooperation.
During the past 50 years both countries have learned to know and understand each other, and also how to identify the areas in which to cooperate and move forward together, thus creating a strong and lasting bond.
Korea’s attendance in economic forums such as Asia-Pacific Economic Cooperation and its determination to link with Peru enrich the bilateral agenda at a preferential political level.
Fifty years later, the bilateral relations between Peru and the Republic of Korea show steady growth and dynamism, which has been most evident in recent years. In this context, economic complementation also converges between the two: Korea imports mineral and hydrocarbon resources, and Peru provides these resources and imports appliances and vehicles from Korea at the same time.
Another key factor in the bilateral relations, which accompanies the growth and development achieved by Korea, is the level of cooperation with Peru, koreaherald.com reported.
Relations with the East Asian country should be built up in several ways. In the political field, there is a comprehensive strategic partnership, established on May 10, 2012, during the state visit to Korea by Peru’s President Ollanta Humala.
This partnership is the basis for further existing areas of cooperation and also creates new spaces for trade, investment, science and technology transfer, cooperation for development and social inclusion, security and defense, and environment and culture.
In the economic and trade fields, the free trade agreement signed on March 21, 2011, recognizes the complementarities of both economies, providing greater opportunities for development and expansion. From one side, major Korean exports to Peru are high-tech products, and in the Korean market, fresh, high-quality products from Peru are consumed.
Notably, the commercial exchanges reached $3.2 billion in 2011 and 2012. The trade balance was in favor of Peru in 2011 with a $198 million surplus, and to Korea in 2012 with $120 million. These figures are even higher than those of 2010, when trade reached $1.9 billion and Korea’s trade surplus was $146 million.
This is part of a long process in which the productive sectors and exporting countries should adapt to the new needs and new markets. It is important to point out that in 2011 and 2012, Peruvian exports to Korea, approximately $700 million, surpassed the figures recorded in 2010.
(END) INT/LOG
Published: 4/14/2013