South Korean President Lee Myung-bak met with Peruvian President Ollnata Moisés Humala Tasso on Thursday and agreed to upgrade the two countries’ relations to a comprehensive strategic partnership.

Under the partnership, the two countries will exchange more human resources and opinions in various fields. Plans include sending high-ranking officials to each other’s nations and holding policy meetings and establishing joint committees.

The two leaders acknowledged that their free trade agreement has expanded bilateral trade and private investments. They agreed to strengthen cooperation in the fields of economy, science and technology, as well as the agriculture, energy development and defense industry sectors.

In addition, Korean companies advancing into the Peruvian market will now benefit from a bilateral agreement to prevent double taxation and tax evasion.