South Korea and Peru on Thursday agreed to elevate their relationship to a “comprehensive strategic partnership,” paving the way for deepened cooperation in business, trade, technology and other areas.

President Lee Myung-bak and his Peruvian counterpart Ollanta Moises Humala Tasso reached the agreement during their summit talks at Cheong Wa Dae in Seoul. It was announced in a joint statement.

The Peruvian president arrived here Thursday for a three-day visit at the invitation of President Lee.

On the economic front, the two leaders agreed to enhance cooperation in resource development and investment, as well as exchanges of knowledge and technology, the joint statement said.

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

Their economic ties have widened and deepened since their bilateral free trade pact went into effect last August. The two-way trade volume reached $3.32 billion last year.

They also agreed to strengthen their political cooperation through exchanges of high-level officials and a bilateral policy consultative meeting.

In science and technology, they decided to explore possible areas of bilateral cooperation including bio-engineering, maritime science, energy, petrochemistry and human resources development.

The two countries will also work together on management of water resources and development and application of green growth technology, as well as share policy experiences concerning other environmental issues.

By Song Sang-ho (sshluck@heraldcorp.com)