South Korea and Australia have agreed on tariff concession list exchange before both sides proceed to a second round of free trade negotiations in September, Seoul officials said on Friday.

The two countries ended a four-day round of negotiations in Canberra earlier in the day, discussing over tariff concessions, service, and investment, according to both sides.

Bilateral trade reached US$23.2 billion last year, while South Korea posted a US$12.8 billion deficit, government statistics showed.

Currently, South Korea has settled free trade pacts with Chile, Singapore and the European Free Trade Association, along with a partial agreement with the Association of Southeast Asian Nations.

Trade deals with the United States, Canada, India and Mexico are also underway for the South Korean government.

(Xinhua News Agency May 22, 2009)