Australia, S Korea a step closer to FTA
Australian Associated Press | February 1, 2009
Australia, S Korea a step closer to FTA
South Korea and Australia have taken another step towards signing a free trade agreement (FTA), despite the ongoing global economic crisis.
Trade Minister Simon Crean and his South Korean counterpart Kim Jong-Hoon held talks on Saturday at the World Economic Forum in the Swiss Alpine resort town of Davos about a free trade deal between the two countries.
Both men agreed that they, and possibly Prime Minister Kevin Rudd and South Korean President Lee Myung-bak, will meet for more talks about a deal within the next few months.
"We are at the point in both countries of taking the next steps to formally approve proceeding to negotiate the FTA," Crean told reporters.
"We are aiming for discussions at ministerial and hopefully head of government level over the next couple of months.
"This has been a very important development here today - that in the midst of all of the problems of all stalled trade talks etc we are seeing a commitment with one of our strongest trading partners to advance the bilateral arrangement."
The two countries last December finished preparatory talks on a deal after Rudd and Lee gave the go-ahead four months earlier.
The conclusion of the preparatory talks opened the way for the start of actual FTA negotiations.
