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Australia and South Korea signed a free trade agreement after four years of negotiations during Australian Prime Minister Tony Abbott's visit to the South Korean capital, Seoul, Tuesday.
It is the second free trade agreement Australia has signed in the last couple of days after previously agreeing a separate trade pact with Japan Monday. Abbott has said that the country is doubling its efforts so as to clinch a free trade deal with China as quickly as possible.
Under the agreement Australia will immediately abolish its five percent tariff on most South Korea-made cars, televisions, refrigerators and machinery. While South Korea will immediately lift tariffs on nearly half of its agricultural imports from Australia including wine and coconut oil.
According to the Australian Prime Minister "Australia and South Korea are important and natural partners. We are democracies, we are G20 countries ...We are countries that would much rather find friends than fights."
"We are able to negotiate this agreement because Australia and South Korea trust each other," he added.
South Korea is Australia's fourth largest trading partner accounting for 5 percent of Australia's overall international trade which was worth around AU$30.5 billion 2012-13.
englishnews@aa.com.tr - Canberra
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