Australian Prime Minister Julia Gillard has called for a quick conclusion of a free trade agreement with Korea, a local business association said yesterday, days after Seoul voiced a similar hope for the deal that could further boost bilateral economic ties.

The two countries launched negotiations on a bilateral trade deal in March 2009 and have since held five rounds of talks, focusing on agriculture, services and autos, among other sectors.

Korea’s Deputy Trade Minister Lee Si-hyung said last week that Seoul hopes a free trade deal with Australia will be concluded this year, noting substantial progress has been made.

Bilateral trade volume between the two countries amounted to $27 billion last year. Korea, which imports a third of its total mineral resources from Australia, is the third-largest export market for the country.

Gillard told Korean business leaders on Saturday that a quick conclusion of a free trade agreement between the two countries is needed to strengthen economic cooperation, according to the Korea International Trade Association.

Gillard is scheduled to meet with President Lee Myung-bak today to discuss ways to promote cooperation in security, economy and trade, resources and energy, and cultural and human exchanges.

Korea has free trade agreements with Chile, Singapore and the European Free Trade Association, as well as similar pacts with the Association of Southeast Asian Nations and India.

A free trade pact between Korea and the United States was signed in 2007 but still awaits ratification in the legislatures of both countries.

Korea is also seeking to implement a similar trade deal with the European Union in July this year.

The deal still needs approval from Seoul’s parliament.

Source: Yonhap News (April 25, 2011)