1. Minister for Trade Hwang Doo-yun will visit 3 countries in South America--Chile, Colombia, and Venezuela 
between June 18-23, 2001, to explore promising emerging markets, support activities of Korean companies 
operating in the region, and discuss the pursuit of the Korea-Chile Free Trade Agreement (FTA). 
* Chile June 18-19; Colombia June 19-21; Venezuela June 21-23 

2. Latin America and Caribbean has been playing the role of a major trade partner for the Republic of Korea. 
In 2000, the ROK's trade surplus vis-a-vis Latin America and Caribbean was recorded at US$6.1 billion, 
approximately 50% of the ROK's total trade surplus. Emerging as a major market with abundant natural 
resources and potential, the sigificance of Latin America and Caribbean continues to increase as a 
substitute market for the ROK's current major trade partners--the U.S., Japan, Southeast Asia, etc. 

3. During the visit, Minister for Trade Hwang will meet with high-ranking officials of the visiting governments 
such as foreign minister or trade ministers, to discuss ways to expand bilateral economic and trade 
relations, and ask for their cooperation in expanding Korean companies' activities in the region. In addition, 
Minister Hwang will host meetings with the overseas branches of the Korean companies operating in the 
region, and lend an ear to the difficulties experienced by them while conducting business in Latin America 
and Caribbean. During his visit to Chile, Minister Hwang will also meet with Foreign Minister of Chile Alvear 
regarding negotiations on a bilateral Free Trade Agreement. 


                                                             Spokesperson of MOFAT 

* unofficial translation