On Thursday, Peru and South Korea agreed to elevate their bilateral relations to a “comprehensive strategic partnership.”

According to El Comercio, President Ollanta Humala, and Korean President Lee Myung-bak reached the agreement during their meeting in Seoul.

In a joint statement issued after the meeting, both countries said their free trade agreement had “contributed to an increase in the volume of trade, investment and private sector cooperation" and pledged to strengthen cooperation in more fields, including politics, finance, defense to technology.

The two countries also signed an agreement to avoid double taxation and prevent tax evasion.

Last year trade between the two countries reached about $3.33 billion, more than a 50 percent increase compared to the previous year.

Humala arrived in Seoul on Thursday, as part of a three-day state visit to Korea, his first since taking office last July. The President is also scheduled to meet with Korean businesses leaders, to try and attract investment.

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