Chinchilla and Lee Myung-bak Move Towards an FTA

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    President Lee Myung-bak Costa Rica President Laura Chinchilla (Photo Source: Chung Sung-Jun/Getty Images AsiaPac)
    The South Korean President, Lee Myung-bak, and Costa Rica President Laura Chinchilla, in Seoul today pledged to make efforts to pave the way to a future free trade agreement (FTA) between the two countries.

    The two leaders held a summit in which they stressed the great potential for cooperation not only in economy and trade, but also in other areas such as green growth and regional security, according to a joint statement by the South Korean Presidency and the Costa Rican delegation.

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    During the meeting, which was used to close the official agenda of Chinchilla in South Korea, the heads of state agreed that economic cooperation between their countries has expanded “in the right direction.”

    They also considered that there is significant room for improving trade cooperation as the economies of South Korea and Costa Rica, where the volume of trade in 2011 exceeded $ 500 million, are “complementary”, they said.
    The two countries have maintained contacts and conducted studies on the desirability of an FTA and seek to open formal negotiations in 2013, after the presidential elections in China.

    In politics, Chinchilla won the support of his South Korean counterpart to Costa Rica aspiration of joining the Organization for Economic Cooperation and Development (OECD).

    The president of South Korea, a country which in 1996 became the agency that integrates 34 advanced economies, Costa Rica recognized the potential for contributions to the OECD in the future, according to the document.

    Laura Chinchilla, who in 2010 became the first woman to assume power in Costa Rica, also expressed support for Seoul’s policy toward North Korea and agreed that the communist country must respect the resolutions of the Security Council UN and renounce its nuclear and missile programs.

    Chinchilla’s visit is the first by a head of state of Costa Rica to South Korea in the last 11 years, and marks the 50th anniversary of bilateral diplomatic ties.


    The Costa Rica News (TCRN)
    San Jose Costa Rica

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