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S. Korea, Chile hold meeting to improve trade pact

FTA between South Korea and Chile (Yonhap)
FTA between South Korea and Chile (Yonhap)
South Korea said Tuesday it has launched the fifth round of talks with Chile to reflect the latest industry trends into their 17-year-old free trade agreement (FTA).

During the three-day virtual meeting, the two countries plan to discuss a wide array of issues ranging from labor and the environment to intellectual rights, according to the Ministry of Trade, Industry and Energy.

Seoul and Santiago will also share ideas on ways to promote the digital trade.

South Korea implemented its first-ever FTA with Chile in 2004.

The two countries have been holding additional meetings since 2018 to further expand trade ties.

Chile is the third-largest trade partner of South Korea in the Central and South American region, following Mexico and Brazil.

The combined trade between the two countries came to $4.4 billion in 2020. (Yonhap)