Australia, South Korea Set to Start Free Trade Talks This Week

By Angela Macdonald-Smith

Oct. 12 (Bloomberg) -- Australia and South Korea will this week start preparatory talks on a free trade agreement, Australia's Minister for Trade Simon Crean said.

The initial talks between Australian Prime Minister Kevin Rudd and South Korean President Lee Myung Bak will take place in Seoul on Oct. 13-15, according to a statement e-mailed today from Crean's office. The talks were agreed on during Rudd's visit to Seoul in August.

South Korea is Australia's fourth-largest export market, worth A$15.3 billion ($9.8 billion) in goods and services last year. Energy, minerals and metals accounted for about two-thirds of exports, according to the Australian government. Total two- way trade was A$21.8 billion in 2007, making South Korea Australia's sixth-largest trading partner.

``These preparatory talks represent an important step towards ensuring that Australian exporters maximize their opportunities in the Korean market, particularly at a time when Korea's other major trading partners such as the U.S. and the European Union are seeking improved access through free trade agreements,'' Crean said in the statement.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney at amacdonaldsm@bloomberg.net