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Australia Strikes Free Trade Agreement With South Korea (KAFTA)

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. [Read more…]