Deputy Prime Minister, “Actively Considering Korea-Australia FTA”

Korea has decided to actively pursue FTA talks with Australia.

On August 6, Deputy Prime Minister and Minister of Finance and Economy Kwon O-kyu said, “Civic groups are jointly conducting a report on the Korea-Australia FTA which will be released at the end of this year. We will review it and if the result is positive, we will commence negotiations as soon as possible.”

Deputy Prime Minister Kwon said, “Australia is abundant in natural resources such as coal and iron ore. Its economic scale is similar to that of Korea, considering its population of 21 million people (as of 2002) and GDP per capita of $34,000 (as of 2005.) If an FTA with Australia is successfully completed, the Australian economy will become suitable for Korea’s export structure.”

He added, “The world will see fierce competition in securing natural resources because of emerging economies such as China and India. The government is actively considering tax breaks, if necessary, in order to secure a stable source of energy.”

jarrett@donga.com