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.

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