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South Korea, Australia sign free trade deal, wrapping up four years of negotiations

Published on Apr 8, 2014 2:05 PM
 
Australian Prime Minister Tony Abbott (left) shakes hands with South Korean President Park Geun Hye before their meeting at the presidential house in Seoul on Tuesday, April 8, 2014. South Korea and Australia signed a free trade deal on Tuesday which will scrap almost all tariffs within a decade while immediately lifting levies on some key exports, including South Korean cars and Australian wine. -- PHOTO: REUTERS

SEOUL (AFP) - South Korea and Australia signed a free trade deal on Tuesday which will scrap almost all tariffs within a decade while immediately lifting levies on some key exports, including South Korean cars and Australian wine.

Australian Prime Minister Tony Abbott said there was "huge untapped potential" in trade between the two countries as the deal was signed, wrapping up four years of negotiations.

"I'm determined to build on this and I believe what we have signed today makes this a historic moment in the relationship between Australia and Korea," he said at a joint press conference with President Park Geun-Hye.

The two leaders watched as their trade ministers Yoon Sang-Jick and Andrew Robb signed the deal at Seoul's presidential Blue House.

 
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