Costa Rica, S. Korea Agree To Explore Free Trade

Costa Rica and South Korea have agreed to explore the possibility of a free trade agreement to build on their growing economic ties.



The agreement came at talks between Costa Rican Presidenta Laura Chinchilla and her South Korean counterpart Lee Myung-Bak.

The two leaders agreed to make joint efforts to create an environment (for expanding economic cooperation) to lead to free trade negotiations according to a statement from Lee's office.

The two nations also agreed to expand cooperation in the areas of renewable energy, the environment and green growth.

Lee welcomed Costa Rica's intention to join the Organization for Economic Cooperation and Development, the statement said.

Chinchilla backed Seoul's policy on North Korea, agreeing that Pyongyang should faithfully carry out UN Security Council resolutions and international obligations.

Chinchilla, the first leader of the Central American country to visit South Korea in 11 years, arrived Sunday for a four-day trip marking the 50th anniversary of diplomatic ties.

Her visit is focused on boosting trade, investment and other exchanges.

Export-dependent South Korea has already signed free trade deals with the European Union, the Association of Southeast Asian Nations, the United States, Singapore, Peru, Chile and other countries.

It launched free trade talks in May with China, its biggest export market.