South Korea signed a free trade agreement (FTA) with Australia Tuesday to secure stable energy imports from the resources-rich country and expand its car exports in the competitive market among Asian rivals.
South Korean Minister of Trade, Industry and Energy Yoon Sang-jick and his Australian counterpart Andrew Robb sealed the bilateral free trade pact in Seoul attended by South Korean President Park Geun-hye and Australian Prime Minister Tony Abbott, reported Xinhua.
The Australian prime minister arrived in Seoul Tuesday morning to hold a summit with Park after visiting Japan to wrap up its separate FTA with Japan.
The Abbott government, which took office in September 2013, promised to reach free trade deals with major Asian countries, including China, South Korea and Japan.
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