[THE INVESTOR] South Korea Foreign Minister Yun Byung-se on June 29 called for closer economic ties with Latin American countries, saying distance is no longer an issue now.

He was speaking at the Korea-Latin America Partnership forum which is expected to bring together more than a 1,000 government officials, businessmen and students from both sides over the next three days.

“Central and South America form an important pillar in our promotion of connectivity through global networking diplomacy,” he said in his opening remarks. “In promoting connectivity with Central and South America, an important element we can’t miss is the free trade agreements with small regional groups or at the bilateral level.”

Korea has FTA deals with 52 countries, or 75 percent of the world, including Chile and Peru. An FTA with Colombia is set to take effect next month, while negotiations are under way or about to start for similar deals with Central America as a bloc and Mexico.

“Korea, which is working to create new growth engines, and Central and South America, which are pursuing sustainable economic growth while seeking inclusive growth and tackling inequality, can expand their mutually complementary partnerships,” Yun said.

(theinvestor@heraldcorp.com)