S. Korea holds free trade talks with Australia
South Korea held a third round of free trade negotiations with Australia in Canberra, making progress on key issues, Seoul's trade ministry said Friday.
Starting Nov. 30, the weeklong talks dealt with issues of goods, services, investment, trade standards, and dispute settlement, the ministry said, adding that the two sides have narrowed differences on most of the issues.
During the talks, Seoul and Canberra also held a discussion on agriculture, energy, and mineral resources, which South Korea has been mainly focused on, and decided to have the issues included in the official chapter of the agreement, the ministry said.
The two sides decided to hold their fourth round of free trade negotiations in Seoul in March, according to the ministry.
Bilateral trade reached 23.2 billion U.S. dollars in 2008, with South Korea posting a deficit of 12.8 billion U.S. dollars, the trade ministry said, citing its government sources.
Currently, South Korea has FTAs with Chile, Singapore and the European Free Trade Association, as well as a pact with the Association of Southeast Asian Nations and India.
Also, in November, South Korea initialed a similar trade pact with the European Union.
A free trade pact between South Korea and the United States was signed in 2007, although awaiting ratification in the legislatures of both countries.