Seoul, Sydney to open FTA talks

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SEOUL, Aug 11 (AFP): Australian Prime Minister Kevin Rudd agreed today with South Korean President Lee Myung-Bak to open preparatory talks on a free trade agreement, the president's office said.

The two leaders welcomed the findings of a joint study on an FTA, the office said in a statement. Rudd called for cooperation in the liquefied natural gas sector, while Lee urged more cooperation in mineral resources and energy.

South Korea is Australia's fourth-largest export market, behind Japan, China and the United States. Top export items include crude petroleum, iron ore, coal and beef.

South Korea has already forged free trade pacts with Chile, Singapore and the European Free Trade Association comprising Switzerland, Norway, Iceland and Liechtenstein.

Talks are also under way with the European Union, Canada and Mexico.