Australia has concluded a Free Trade Agreement with the Republic of Korea, the Prime Minister, Tony Abbott, announced today.
South Korea is Australia’s fourth-largest trading partner and third-largest goods export market.
The KAFTA agreement will eliminate tariffs on major exports to Korea, such as beef, wheat, dairy, sugar, wine, seafood, grapes, cherries and mangoes. It will open up new markets in education, telecommunications, financial accounting and the law.
Opposition Bill Shorten has welcomed the agreement.
Details of Australia’s trading arrangements with Korea are shown below.
Parliamentary statements by Prime Minister Tony Abbott and Opposition Leader Bill Shorten.
- Listen to Abbott (2m)
- Listen to Shorten (2m)
ABBOTT: I am pleased to inform the House that the Minister for Trade and Investment has successfully concluded negotiations for a free trade agreement between Australia and the Republic of Korea. The Republic of Korea is Australia’s third largest export market. Under this agreement, tariffs will be eliminated on Australia’s major exports to Korea, and there will be significant new market openings in services and investment. Tariffs will be eliminated on items such as beef, wheat, dairy, sugar, wine, seafood, grapes, cherries and mangoes. Beef tariffs, I am pleased to say, will be completely phased out over 15 years, which will restore Australia’s competitive position in this key market. Australian automotive suppliers will benefit from the immediate removal of tariffs, as will the wine industry. The free trade agreement will provide new market opportunities for Australian services in education, telecommunications, financial accounting and the law. [Read more…]