South Korean and Brazilian trade chiefs on Thursday said they had agreed terms on a two year quota for Korean polyester products.

Officials from the Seoul-based ministry of commerce, industry and energy said they has rubber-stamped Brazil's quota on polyester products for 2003 and 2004 of 15,607 tons and 16,855 tons, respectively.

The agreement follows a threat from the South American country to impose safeguards on Korean polyester products after a slew of anti-dumping decisions on the Korean fabrics by China, Japan and Argentina.