S. Korea, Australia agree on swift conclusion of free trade talks

South Korea and Australia have agreed to swiftly conclude negotiations on forging a bilateral free trade agreement, Seoul's foreign ministry said Thursday.

The agreement was reached at a meeting earlier in the day between South Korean Foreign Minister Kim Sung-hwan, who is on a two-day visit to Australia, and Australian Trade Minister Craig Emerson, ministry officials said. Kim and Emerson "reached a common understanding that they will make utmost efforts to come up with measures that are mutually acceptable regarding outstanding issues," the ministry said in a statement.

The issue of free trade talks was also broached at a meeting between Kim and Australian Prime Minister Julia Gillard, according to the statement.

South Korea and Australia launched free trade negotiations in early 2009, focusing on agriculture, services, and autos, among other sectors. (Yonhap News)