(3rd LD) S. Korean president eyes FTA, green technology on Australia visit

SYDNEY, March 4 (Yonhap) -- South Korean President Lee Myung-bak called for joint efforts with Australia to fight the global economic crisis and what he called a growing trend toward protectionism as he began a two-day visit to the country Wednesday.

Lee is set to hold talks Thursday with Australian Prime Minister Kevin Rudd in
Canberra, where they will announce the start of talks for a free trade agreement
(FTA).
"President Lee and Prime Minister Rudd will announce the start of FTA talks and
also discuss ways to strengthen the countries' cooperation on other issues, such
as climate change and energy cooperation," an official from the South Korean
presidential office said.
A Korea-Australia FTA, if it becomes effective, will deepen economic ties between
the two countries whose trade of goods and services already tops over US$20
billion a year.
Australia is South Korea's 11th largest trading partner.
"The trade volume between the two countries is fast increasing, jumping from
US$3.5 billion in 1990 to over $23 billion last year. The countries must now take
their relationship to the next level of cooperation based on their great
achievements," Lee said at a business forum shortly after his arrival here in the
most populous city of Australia.
A Korea-Australia FTA, he said, will demonstrate the countries' efforts not only
to protect, but also promote free trade amid what he called a growing trend by
countries toward protectionist measures.
"We know very well from our experience that this (protectionism) will only lead
to a market contraction and thus delay the recovery of the global economy," he
told the forum attended by some 200 Korean and Australian business
representatives.
"And that is why I firmly believe protecting free trade is the surest way to
recovery," he added.
Lee's stop here in Sydney also comes as part of his efforts to promote green
technology in his country as well as joint research and development.
"South Korea is facing an economic crisis this year, but it plans to increase its
investment in the research and development of green technology. I wish Australia
could work closely with South Korean businesses and government to develop the
world's best technology," Lee said while visiting the School of Photovoltaic and
Renewable Energy Engineering at the University of New South Wales.
"I guess the key issue is who first succeeds" in developing the new technology,
he added, apparently implying Korea-Australia cooperation in the area will ensure
their mutual victory against other competitors.
While meeting earlier with the head of Australia's Macquarie Group, Nicholas
Moore, Lee expressed gratitude for the group's decision this week to increase its
investment in Korea.
The Australian group signed a memorandum of understanding Tuesday with South
Korea's Woori Bank to jointly create a $1-billion fund to invest in development
of renewable energy.
Lee held talks with the governor of New South Wales, Marie Bashir, in which the
South Korean president stressed the need to strengthen ties between his country
and the Australian state, where some 110,000 South Korean expatriates form the
largest Korean community in the South Pacific nation.
He was later set to hold a special discussion session with South Korean residents
living here and attend a dinner hosted by New South Wales Premier Nathan Rees.
Lee will depart early Thursday for Canberra where he will meet Australia's
Governor General Quentin Bryce and hold the summit with Prime Minister Rudd.
bdk@yna.co.kr
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