South Korean and U.S. presidents agreed on Wednesday to expand bilateral cooperation in trade, technology and other areas and strengthen their strategic alliance and work together on nuclear issues on the Korean Peninsula.

South Korean President Lee Myung-bak and his U.S. counterpart George W. Bush held a summit meeting at South Korea's Presidential Office in Seoul.

The two leaders had in depth discussions on the development of the S. Korean-U.S. Alliance, the approval of the South Korea-U.S. Free Trade Agreement(FTA), the nuclear issue on the Korean Peninsula and other issues related to the Democratic People's Republic of Korea(DPRK), as well as ways to expand cooperation on important bilateral, regional and global issues, said a joint statement released after the summit.

"The two Presidents shared the view that on the basis of common values and trust, the scope of cooperation within the Alliance needs to broaden and deepen to encompass not only security cooperation, but also political, economic, social, and cultural cooperation," the statement said.

"They further agreed to develop the Alliance in a way that will also contribute to peace and prosperity at the regional and global level."

At a joint news conference held after the summit, Lee said the two presidents committed themselves to working with their respective legislatures to approve the FTA as soon as possible.

Bush agreed to work to launch the Work, English Study and Travel(WEST) Program, which will provide an opportunity for South Korean university students to study English, work, and enrich their knowledge and experience in the United States, Lee said.

Bush committed to achieve South Korea's full membership in the U.S. Visa Waiver Program (VWP) and pledged to continue joint efforts to bring about South Korea's participation in the VWP by the end of this year to solidify the already strong people-to-people links between the two nations, Lee said.

As to the DPRK issue, the two Presidents welcomed the progress made toward implementing the second-phase actions for the implementation of the Joint Statement of September 19, 2005 and shared the view that this progress contributes to peace and stability in Northeast Asia, said the joint statement.

They also agreed that a rigorous verification regime needs to be established in order to ensure the completeness and correctness of the declaration submitted by DPRK, and that the fulfillment of all the parties' obligations should be ensured through a monitoring mechanism within the Six-Party Talks framework, the statement said.

Bush urged Pyongyang to fully complete its commitments in the second phase of the denuclearization process and, through third-phase actions, to implement full abandonment of all its nuclear weapons and existing nuclear programs.

The two leaders agreed to continue close coordination for the further progress in the six-party talks on the nuclear issues on the Korean Peninsula, the statement said.

Bush arrived here on Tuesday and is to leave for Thailand Wednesday afternoon.

(Xinhua News Agency August 6, 2008)