November 1, 2013

Mr. Young-Moo Kim, director-general for the FTA negotiation of the Ministry of Trade, Industry and Energy, said that he expects that the final round of negotiations over a Free Trade Agreement between Australia and South Korea will take place very soon. Australia is South Korea’s “sixth or seventh” biggest trading partner. John Walker, executive chairman of Macquarie Group of South Korea, a very influential company in Australia, believes the FTA will especially benefit beef and wine producers in the country while Foreign Minister Julie Bishop observed that South Korea is interested in accessing Australian liquefied natural gas and agribusiness.  Australian products are already suffering in South Korea due to South Korea’s existing free trade agreements with the United States and European countries.

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