AFP - Peruvian President Alan Garcia said Thursday a free trade deal between his resource-rich country and South Korea is near.

The deal was reportedly due to be sealed before the Asia-Pacific Economic Cooperation (APEC) summit in Singapore this weekend, but the talks apparently hit a snag.

"Politicians make proposals and bureaucrats handle details," which are time-consuming, Garcia told journalists.

"However, there will be a good result soon," he said without elaborating.

When the pact is signed and ratified, Peruvian consumers could enjoy South Korea's home appliances, cars and IT terminals at good prices, Garcia said.

South Korea in turn would benefit from Peru's rich natural resources and energy supplies.

Garcia later met President Lee Myung-Bak and the two sides agreed to finalise the deal soon.

"The two presidents shared the view that negotiations to conclude the free trade agreement should be wrapped up at an early date," a joint statement said.

Garcia told Lee his country wants South Korean investment in the petrochemical industry and vowed to smooth their entry into the sector.

The two leaders noted that South Korean investment in Peru has been increasing, especially in mining, oil, natural gas and other resources.

Garcia arrived Wednesday for a two-day visit on an Asian tour which also took him to Japan.