South Korea and Australia have agreed to come up with a free trade agreement before this year ends. Seoul’s Lee Myung Bak and Prime Minister Julia Gillard 'looked forward to building on a mutually beneficial and stable partnership in trade and the development of natural resources", according to a joint statement after their summit.
“I believe we can reach agreement, and I certainly believe we should reach agreement,”Ms Gillard told reporters, saying an FTA would especially benefit Australia's agricultural sector.
The talks, which started in May 2009, hit a snag when Australia demanded wider access to the beef market. The Australian government is seeking similar access to the United States in an FTA signed in December but not yet in force. Last year Australia exported 122,000 tons of beef to South Korea, accounting for almost half of all imports.
