SKorea to start FTA talks with Australia next week
13 May 2009
SKorea to start FTA talks with Australia next week
SEOUL (AFP) - South Korea and Australia have agreed to start talks next week on forging a free trade agreement (FTA), the foreign ministry in Seoul said Wednesday.
Trade minister Kim Jong-Hoon and his Australian counterpart Simon Crean will announce the start of negotiations during their a meeting Monday in Melbourne, the ministry said in a statement.
They will express "their will to successfully conclude FTA negotiations," it said, adding that the first round of negotiations will begin on Tuesday in Canberra.
Two-way trade between the two was worth 23.2 billion dollars last year, with South Korea posting a deficit of 12.8 billion.
South Korea exported 5.2 billion dollars’ worth of electronic goods and automobiles to Australia, while importing crude oil, coal, iron ore and meat worth 18 billion.
Seoul in recent years has sought numerous free trade pacts to bolster its export-dominated economy. It already has deals with Chile, Singapore and the European Free Trade Association.
A pact signed with Washington almost two years ago awaits ratification by both legislatures.
South Korea is also in FTA talks with the European Union, Canada, India and Mexico, while it has agreed to open preparatory discussions with New Zealand.
