S. Korea, Australia agree on expediting free trade talks

SEOUL, May 18 (Yonhap) -- South Korea and Australia have agreed to expedite a
free trade accord as part of efforts to boost bilateral economic ties, officials
here said Monday.

South Korea Trade Minister Kim Jong-hoon and his Australian counterpart Simon
Crean met in Melbourne earlier in the day to discuss how to boost economic
cooperation between the two countries.
Both sides have agreed to start talks on a free trade agreement in Canberra this
week.
Two-way trade reached US$23.2 billion last year with South Korea posting a
deficit of $12.8 billion, government statistics showed.
South Korea exported $5.2 billion of electronic goods and automobiles to
Australia, while importing $18 billion of crude oil, coal, iron ore and meat last
year.
Currently, South Korea has free trade agreements with Chile, Singapore and the
European Free Trade Association, as well as a partial pact with the Association
of Southeast Asian Nations. Seoul is also seeking similar trade deals with
Canada, India and Mexico.
sam@yna.co.kr
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