Trade Minister Andrew Robb on Thur 5.12.2013, announced that Australia has concluded negotiations for a Free Trade Agreement (FTA) with the Republic of Korea, Australia’s 3rd-largest goods export market and 4th-largest trading partner.
As a result of the Agreement, the Minister said tariffs will be eliminated on Australia’s major exports to South Korea and there will be significant new market openings in services and investment. As part of the FTA, tariffs of up to 300% will be eliminated on key Australian agricultural exports such as beef, wheat, sugar, dairy, wine, horticulture and seafood, as well as resources, energy and manufactured goods. Mr Robb said the FTA will also provide new market opportunities in Korea for Australian services in education, telecommunications and a range of professional services including financial, accounting and legal services. The Agreement will be signed and come into operation following domestic approval processes in Australia and Korea.
[LTN 236, 5/12/13]