Peruvian President Alan Garcia said Thursday he expects "good results" from ongoing talks for a free trade agreement (FTA) with Korea that would allow tariff-reduced imports of cars, handsets and other Korean-made goods, according to Yonhap News.

"An FTA will bring about benefits for not only South Koreans but Peruvians as well ... There will be good news in the near future as both sides are interested in sealing an FTA deal," Garcia told reporters at a press conference in Seoul.

The Peruvian leader arrived in South Korea on Wednesday for a two-day state visit. He was scheduled to hold summit talks with Korean President Lee Myung-bak on Thursday and meet local business leaders to promote investment in his country.

The two countries began FTA negotiations following an agreement by their presidents in November when Lee visited Peru.

"Peruvians will be able to benefit from South Korean-made home appliances, cars, and telecommunication handsets powered by (South

Korea`s) strong technological capacity," said Garcia.

He pointed out that Korea, in return, would be able to benefit from his country`s abundant natural resources, such as natural gas, oil and minerals.

Peru is an advance base for Seoul`s "energy diplomacy" in Latin America, a campaign intended to secure a stable supply of energy for Korea.

To realize the FTA, Garcia said Peru was working closely with South Korea to seal a double taxation avoidance pact while also trying to revise its legal system to open up more doors for foreign investment.

Garcia said the size of the Peruvian market "isn`t quite large" but added that it was working with neighboring countries to diversify its industry portfolio to include not only manufacturing but more advanced automobile production as well as high-tech satellite and telecommunications sectors.