The Korea-Australia Free Trade Agreement (KAFTA) was signed by Trade and Investment Minister, Mr Andrew Robb and his South Korean counterpart the Minister for Trade, Industry and Energy, Mr Yoon Sang-jick in Seoul on 8 April 2014.
Minister Robb tabled the text of the Agreement along with a National Interest Analysis in the Australian Parliament on 13 May 2014.
The following procedure will now be followed to enable KAFTA to become operational (or to enter into force) in accordance with normal treaty procedures:
- The text of KAFTA and the National Interest Analysis will be tabled in the Australian Parliament for 20 joint sitting days and will be considered by the Joint Standing Committee on Treaties (JSCOT). JSCOT will conduct an inquiry and is expected to report back to Parliament by about 3 September 2014.
- Following JSCOT consideration, amendments to relevant legislation will be introduced to Parliament.
- Korea will also undertake its own domestic treaty-making processes during this period, including approval by Korea’s National Assembly.
- Australia and Korea are aiming to complete their domestic treaty processes, including passage of necessary legislation, towards the end of 2014. After these processes are complete, both countries will Exchange Diplomatic Notes to certify they are ready for entry into force of the Agreement.
- 30 days after this Exchange of Notes, KAFTA will enter into force.