Lee, Cameron agree to bolster trade, investment

Lee, Cameron agree to bolster trade, investment

2010-11-11 15:09:33 GMT+7 (ICT)

SEOUL (BNO NEWS) -- South Korean President Lee Myung-bak and British Prime Minister David Cameron on Thursday agreed to further boost trade and investment between the two countries as they met ahead of the opening of the G-20 summit.

The leaders shared the view that the free trade agreement (FTA) signed between South Korea and the European Union last month would help expand their countries' bilateral commerce, South Korea's presidential office said.

Lee and Cameron "agreed to work together for the Korea-EU FTA to take effect on July 1 next year as planned," it said in a press release.

According to official figures, trade between South Korea and Britain amounted to $6.7 billion last year, with South Korea exporting $3.8 billion worth of goods, and Britain importing $2.9 billion, mainly in steel parts, medicine, medical supplies and alcoholic beverages.

Britain was the largest investor in South Korea last year, spending $10 billion in the banking, insurance and retail sectors, while South Korea invested $5.46 billion in Britain's sales, distribution, shipping and financial services sectors.

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