Australia-Korea FTA could take effect in 2011: envoy

By Kim Young-jin


The top Australian envoy in Seoul is optimistic that negotiations on a bilateral free trade agreement (FTA) can be concluded in 2011, the year the two sides celebrate 50 years of diplomatic ties.

Five rounds of talks have been held since negotiations opened in 2009, with the sides currently working out issues regarding agriculture and autos, among other sectors.

"Hopefully, we will have a concluded an operational FTA during the course of this year," Ambassador Sam Gerovich said at a meeting with press ahead of the launch of Australia-Korea Year of Friendship activities, which begin Wednesday.

The sides already share robust economic ties, with bilateral trade reaching $20 billion in 2009. Korea is the third-largest export market for Australia.

Korea mainly imports coal, crude oil, metals and meat from Australia. The island continent ships automobiles, mobile gadgets and paper products from here.

Korea, which has five FTAs in effect, recently finalized sweeping pacts with the European Union, due to come into effect in July, and the United States. Washington is pushing for ratification of its FTA before the EU deal is implemented.

The envoy said his country is aiming to set tariffs on beef at the same level as those stipulated in the Korea-U.S. deal. Australian products represent 52 percent of the imported beef market here.

"We're very keen to ensure that any FTA that we conclude is a high quality FTA that provides the same provisions at least that are provided in the FTA with the United States," he said.

Gerovich projected that once the deal is finalized, it will coast through the ratification process on the Australian side.

He hoped an implemented FTA would add to growing exchanges between the countries. In particular, said the sides should capitalize on Australia’s innovations, especially in the area of green growth, and Korea’s ability to commercialize its products, to introduce groundbreaking technologies to the world.

The ambassador expressed excitement over the embassy’s planned friendship activities. President Lee Myung-bak and then-Prime Minister Kevin Rudd announced the year of celebration during Lee’s state visit in 2009.

According to the embassy, the activities will focus on Australian culture, scientific and technological achievements, sports and education. The Korean embassy in Australia will organize complimentary activities.

The year will “help celebrate and strengthen the deep goodwill that exists between us and provide an even firmer base from which to take our relationship forward in the future,” Gerovich said.

Two Australian Nobel laureates, Peter Doherty and Barry Marshall, will visit Korea this year to give public talks. Doherty won the prize in physiology in 1996 while Marshall won in medicine in 2005.

Meanwhile, the ambassador expressed his “commiseration” for the Korea’s struggle with foot and mouth disease, which has caused problems for the nation’s farmers. He added that Australia has offered to help in recovery efforts.

The envoy noted that Australia’s economy is also dealing with an unforeseen circumstance in the deadly floods that have hit the country.

Last week, residents in the Brisbane were warned to expect more flooding, as waters continued to swamp towns in Victoria. The ambassador estimated the economic damage caused by the flooding could decrease the country’s GDP by one percent.

Source:Korea Times