August 12, 2008
Australia entices South Korea with US$1-billion beef market
Free trade talks with South Korea are set to begin next month as the Australian government moves to shore up a US$1-billion beef export market.
Australian Prime Minister Kevin Rudd announced he had struck an in-principle agreement with South Korean President Lee Myung-bak for a free trade agreement.
The talks could be crucial for Australian farmers as Korea recently lifted a ban on US meat imports. The US is also ahead of Australia in trade negotiations with South Korea.
South Korea is Australia's fourth biggest export market and a major buyer of coal, iron ore and beef.
Rudd said Australian beef had a great reputation for quality. South Korea bought almost US$1 billion worth of Australia beef last year.