3rd Austalian trade talks come to close

Korea and Australia have made progress on key issues in talks on a free trade agreement, Seoul’s Trade Ministry said yesterday.

During the weeklong negotiations, which ended in Canberra earlier in the day, the two addressed tariff concessions, investment, services and dispute settlement, the ministry said.

Seoul and Canberra agreed to redouble their efforts to narrow differences on tariff concessions in the future, and to hold their fourth round of free trade talks in Seoul in March, according to the ministry.

Bilateral trade reached $23.2 billion last year with Korea posting a deficit of $12.8 billion, government statistics showed.

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.

The country has trade pacts with Chile, Singapore, the European Free Trade Association, the Association of Southeast Asian Nations and India.

An FTA between Korea and the United States was signed in 2007 but still awaits ratification. Yonhap