Monday, May 25, 2015Monday, May 25, 2015

South Korea says aims to sign free trade deal with Australia in first-half 2014

Published on Feb 13, 2014 10:15 AM

SEOUL (REUTERS) - South Korea and Australia aim to formally sign a bilateral trade agreement within the first half of this year, the Korean trade ministry said on Thursday, pushing forward a deal between two major economies in the Asia-Pacific region.

South Korea's Ministry of Trade, Industry and Energy said in a statement the chief negotiators of the two countries initialled the free trade agreement on Monday.

Australia and South Korea have agreed to work towards signing the free trade agreement in the first half of 2014 after "expeditiously" completing the required domestic procedures, according to the joint statement issued by the Korean trade ministry.

Australia is South Korea's seventh largest trading partner, with two-way trade totalling US$30.3 billion (S$38.35 billion) in 2013.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!