Media release

Australian Minister for Trade, Mark Vaile

Tuesday, October 2, 2000

New Steps to Free Up Trade with Korea

Trade Minister, Mark Vaile, today said Australia was keen to build a stronger economic relationship with Korea.

Korea is Australia's third largest export market, worth $6.3B in 1999.

Speaking at the start of the annual Ministerial-level trade and economic talks with his Korean counterpart, Dr Han Duck-soo, Mr Vaile said he would encourage studies on ways to free up two-way trade.

"We're looking to forge a stronger economic relationship through mechanisms to promote investment and the mutual recognition of standards testing," Mr Vaile said.

"I'm also convinced there are unexplored opportunities in Korea for Australian service providers ...most immediately in IT, management and financial services".

Mr Vaile will also use the Ministerial trade talks to highlight opportunities in traditional areas of trade with Korea.

"Australia's energy exports to Korea were worth some $2 billion in 1999 and they are set to grow as Korea's economy expands. We're a proven and reliable supplier of quality coal, and we're the logical partner for Korea's move into LNG.

"Trade in agricultural goods is also on the increase. We have great hopes for our already large beef trade when Korea's import regime is liberalised next January."

Mr Vaile and Dr Han will also use the Ministerial talks to review the prospects for global trade reform, with both countries keen to achieve an early start to a new round of WTO negotiations. Dr Han is also expected to brief Mr Vaile on follow-up to the historic summit in July between the leaders of North and South Korea.