Korea, Australia to Start FTA Talks
By Jung Sung-ki
Staff Reporter
South Korea and Australia agreed Monday to open ``preparatory talks'' on a free trade agreement to further boost bilateral ties.
The agreement came in a summit between President Lee Myung-bak and Australian Prime Minister Kevin Rudd, who arrived in Seoul Sunday for a two-day visit.
Both leaders welcomed the results of a joint study on a Korea-Australia deal that said an agreement will be beneficial for mutual economic growth and trade expansion, the presidential office in Seoul said.
``The two leaders agreed that preparatory talks on a bilateral FTA will be held in the near future,'' it said.
The statement, however, didn't specify when the preparatory talks, proposed since 2006, would begin.
South Korea last year signed a free trade deal with the United States, but the deal has stalled amid months of protests from progressive lawmakers and civic activists. The legislatures of both countries have also failed to ratify the deal.
President Lee expressed hope that cooperation with Australia in mineral resources and energy will be further expanded, while urging Rudd's support for Korean firms operating Down Under.
Australia is South Korea's biggest trading and investment partner in mineral resources.
Both leaders also agreed to strengthen cooperation on education and global issues, like climate change and denuclearization.
In defense, military authorities from the two sides signed an agreement on military information sharing, said an official of the South Korean Defense Ministry.
``The agreement is expected to help expand bilateral military cooperation in the defense industry, international peacekeeping operations and maritime security,'' the ministry said.