SEOUL: South Korea took another step forward in its ambitious free trade strategy Monday, agreeing the text of a pact with Peru as a much bigger accord with the United States remains snagged amid haggling over autos and beef. Negotiations for the South Korea-Peru deal, which will eliminate tariffs on a wide array of goods within 10 years, were concluded in August. The signing Monday by the South Korean and Peruvian trade ministers is one of the final steps in bringing the pact into effect. In attendance were the presidents of the two countries, Lee Myung-bak of South Korea and Peru's Alan Garcia, who arrived in Seoul the day before for a three-day official visit. Garcia came from Japan, where he attended the Asia-Pacific Economic Cooperation summit. South Korea, a major exporter of industrial goods such as automobiles and consumer electronics, has aggressively sought free trade agreements and already has several in effect including with Chile, India and the 10-member Association of Southeast Asian Nations. It also has agreements with the European Union and the United States, which remain unratified. Under negotiation are proposed deals with Canada, Mexico, Australia, New Zealand, Colombia, Turkey and the Gulf Cooperation Council.
