SEOUL, March 6 (Xinhua) -- Presidents of South Korea and Australia agreed on starting negotiations for a free trade agreement (FTA) in May during their summit talks held in Canberra UGG Ireland Stores, South Korea's Korea Herald reported Friday. South Korean President Lee Myung-bak and Australian Prime Minister Kevin Rudd also agreed on further economic cooperation and renewable energy development. "We take what is already a very good economic relationship between the two of us and we intend to make it even closer, even bigger, even better," Rudd said in a news conference after their summit. The two nations had preliminary FTA talks separately in September and November last year. Australia is currently South Korea's 11th largest trading partners with bilateral trade standing at 23.17 billion U.S. dollars in 2008 ugg uk, according to Korea Herald. South Korea's exports and imports topped 5.17 billion U.S. dollars and 18 billion U.S. dollars, respectively. According to a joint study by private experts from the two nations, a free trade pact between South Korea and Australia will boost their annual gross domestic products by 29.6 billion U.S. dollars and 22.7 billion U.S. dollars ugg outlet, respectively, by 2020. The two leaders also had broad discussions on measures to tackle the current economic downturn, especially focusing on disposal of distressed assets Ugg 5815, and cooperative procedures on climate change and green growth issues. South Korea will participate in an Australia-led project to develop new carbon capture and storage technology. The two countries agreed to assign 2011, the 50th anniversary of their diplomatic ties discount ugg, as the Year of Korea-Australia Friendship ugg boots classic, President Lee's office said.

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