Korea and Chile sign. (Bilateral Trade).(Brief Article)

South Korea reached a free-trade agreement with Chile, its first with any country, a move that will remove barriers to about US$1.3 billion ($2.3 billion) in annual two-way commerce and boost growth.

The accord is Chile's first with an Asian country. It provides for the immediate removal of tariffs on cars, trucks, cell phones, computers and other products accounting for 66 per cent of Korean exports to Chile.

"It sets a base for local companies' greater access to South America," Korea's Foreign Affairs and Trade Ministry said in a statement.

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