May 23 (Bloomberg) -- South Korea and the European Union have agreed to push for an early conclusion of discussions on a new agreement aimed at boosting bilateral trade.

The agreement was reached following a summit between South Korean President Lee Myung Bak, European Commission President Jose Barroso and Czech President Vaclav Klaus in Seoul today, according to a statement by South Korea’s presidential office posted on its Web site. The Czech Republic currently serves as the chair nation for the EU.

South Korean Trade Minister Kim Jong Hoon and EU European Union Trade Commissioner Catherine Ashton shared a view that the early conclusion over the trade deal is “desirable” and they’ll meet again in Paris next month, South Korea’s Ministry of Foreign Affairs and Trade said in a separate statement on its Web site.

The EU is South Korea’s second-largest export destination after China, and South Korea is the EU’s fourth-biggest non- European trade partner. Annual trade between South Korea and the EU reached $98.4 billion last year, with South Korea’s exports to the EU at $58.4 billion and the EU shipping $40 billion of goods to the Asian nation.

A tentative agreement reached in March aims to scrap 97 percent of duties on all goods traded between South Korea and the EU within five years of the deal taking effect. South Korea would eliminate 99 percent of tariffs and the EU would erase 100 percent of tariffs within the five-year period.

The leaders also discussed issues including North Korea, closer cooperation on climate change and the global economic situation,

To contact the reporter on this story: Heejin Koo in Seoul at hjkoo@bloomberg.netSeonjin Cha in Seoul at scha2@bloomberg.net

Last Updated: May 23, 2009 04:29 EDT