April 26, 2011

South Korea, Australia set free-trade talks deadline

The leaders of South Korea and Australia vowed to wrap up their talks on a free trade agreement by the end of the year, which has delayed access to Seoul's beef market.

President Lee Myung-Bak and Prime Minister Julia Gillard are looking to build a mutually beneficial and stable partnership in trade and the development of natural resources, they said in a joint statement after the summit.

The talks, which started in May 2009, clashed over Australia's demand for the wider opening of the beef market. It is seeking similar access to that given to US in an FTA signed in December but not yet in force.

Last year Australia exported 122,000 tonnes of beef to South Korea, accounting for almost half of all imports. "I believe we can reach agreement", said Gillard, adding that an FTA would benefit Australia's agricultural sector.

The two leaders also agreed to work together to advance "international climate change negotiations toward a strong, collective response". Lee suggested that his country's firms, with cutting-edge technologies, could take part in Australia's national broadband network project.