Australia, South Korea to discuss FTA
The West Australian
Australia, South Korea to discuss FTA
11th August 2008
Australian Prime Minister Kevin Rudd has reached agreement with South Korean President Lee Myung-Bak to open preparatory talks on a free trade agreement (FTA).
The two leaders welcomed the findings of a joint study on an FTA, the president’s office said on Monday.
Rudd called for cooperation in the liquefied natural gas sector, while Lee urged more cooperation in mineral resources and energy.
South Korea is Australia’s fourth-largest export market, behind Japan, China and the United States. Australia’s top exports include crude petroleum, iron ore, coal and beef.
South Korea has already forged free trade pacts with Chile, Singapore and the European Free Trade Association comprising Switzerland, Norway, Iceland and Liechtenstein.
It has a partial pact with members of the Association of Southeast Asian Nations, while a trade agreement signed by Seoul and Washington last year awaits approval by legislatures in both countries.
Talks are also underway with the European Union, Canada and Mexico.
The two leaders agreed to upgrade relations and Rudd supported efforts to denuclearise the Korean peninsula, the presidential statement said.
Lee thanked Australia for its participation in the 1950-53 Korean War.
Rudd laid a wreath at the United Nations Memorial Cemetery in the southern port of Busan on Sunday, at a monument honouring 339 Australian soldiers killed during the war.
Australia dispatched nearly 18,000 troops to join the US-led UN Command, which was launched shortly after the war broke out in 1950.
AFP
