17 February 2014
The full text of Australia’s free trade agreement with Korea (KAFTA), our third-largest export market and fourth-largest trading partner, has been publicly released.
KAFTA will bring immediate gains for Australian exporters. On entry-into-force, 84 per cent (by value) of Australia’s exports to Korea will enter duty free. After full implementation, the agreement will eliminate tariffs on 99.8 per cent of our exports. This deal helps level the playing field for Australian exporters competing with the US, EU and ASEAN, which have already signed trade deals with Korea.
This agreement is particularly strong for Australian farmers, by eliminating prohibitive tariffs greater than 550 per cent in some cases with gains across beef, sugar, dairy, wheat, wine, horticulture and seafood. It also delivers strong outcomes for our resources, energy and manufacturing sectors.
KAFTA opens up all sorts of doors across legal, accounting, financial, engineering, telecommunications, education, environmental as well as film and television services.
The Australian and Korean Governments will sign the agreement shortly. KAFTA will then enter into force when both parties complete their respective domestic legal and parliamentary processes.
The full text of the Korea-Australia FTA can accessed on the Department of Foreign Affairs and Trade website: www.dfat.gov.au/fta/kafta/