S Korea opens 5th round of free trade talks with Australia

South Korea on Monday launched the fifth round of free trade negotiations with Australia, Seoul's trade ministry said.

Holding the talks in Canberra, the meeting will last for five days, during which the two sides are to share views on tariff concessions, investment, services and dispute settlements, the ministry said.

The two side's bilateral trade reached 19.9 billion U.S. dollars in 2009, with South Korea posting a deficit of 9.5 billion U.S. dollars, the trade ministry said, citing its government sources.

Currently, South Korea has FTAs with Chile, Singapore and the European Free Trade Association, as well as a pact with the Association of Southeast Asian Nations and India.

Also, in November, South Korea initialed a similar trade pact with the European Union.

A free trade pact between Korea and the United States was signed in 2007, although awaiting ratification in the legislatures of both countries.

Source: Xinhua