President Lee Myung-bak meets with PM Julia Gillard on the sidelines of the ASEAN summit in Bali.

President Lee Myung-bak met with Prime Minister Julia Gillard to discuss strengthening of the cooperative relationship between the two countries.

The meeting took place in Bali, Indonesia, where the two leaders attended a series of summits for the Association of Southeast Asian Nations (ASEAN) and East Asia.

The two leaders agreed to “two plus two” meetings between their defense and foreign ministers in order to strengthen international cooperation between the two countries. The meetings are intended to strengthen economic, political, and security cooperation, according to a senior official from Cheong Wa Dae.

Korea has in the past held two-plus-two talks with the US, and Australia has had similar arrangements with Japan, Britain, and Indonesia.

The two leaders also restated their commitment to fast-tracking the free-trade deal between their two countries. Negotiations for the FTA began in May 2009. After a state visit from the Australian PM in Seoul in April this year, they set the goal to conclude the deal by the end of the year. The negotiations are expected to wrap up shortly after the National Assembly ratifies Korea’s free trade agreement with the U.S.

"The first aim for Korea from the FTA is to have better access to the Australian market, especially for our cars, car parts and other manufactured products," said Kim Young-moo, the deputy director-general of South Korea''s Free Trade Agreement Policy Bureau at the Ministry of Foreign Affairs and Trade.

He added that Korea has an interest in Australia’s rich natural resources, particularly iron ore, coal, and gas.

The FTA would see the dismantling of the current 40 percent tariff on Australian beef imported to Korea, as well as the 5 percent tariff on Korean automobiles exported to Australia.

"A comprehensive high-quality FTA is good for both of us,” said Prime Minister Gillard. “Trade means jobs for both of our nations."

President Lee and Prime Minister Gillard have pledged to continue their cooperation as “responsible middle powers” to promote peace and stability in the Asia-Pacific region.

By Jon Dunbar
Korea.net Editor