S. Korea, Australia to hold 3rd round of free trade talks

SEOUL, Nov. 25 (Yonhap) -- South Korea and Australia will hold their third round
of free trade negotiations next week, Seoul's trade ministry said Wednesday.
During the five-day negotiations in Canberra, both sides will discuss key issues
such as tariff concessions, service and investment, the ministry said.
The two countries held their second round of negotiations in Seoul in August.
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 worth of electronic goods and automobiles to
Australia, while importing $18 billion worth 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 pact with the Association of
Southeast Asian Nations and India.
A free trade pact between Korea and the United States was signed in 2007 but
still awaits ratification in the legislatures of both countries.
Last month, South Korea initialed a similar trade pact with the European Union.
sam@yna.co.kr
(END)