Quick Guide: Key Services Outcomes
The Korea-Australia Free Trade Agreement (KAFTA) will provide Australian services exporters with the best treatment Korea has agreed with any trading partner, on par with its agreements with the United States and Europe.
Legal Services: Access for the first time to Korea’s legal consulting services market by permitting Australian firms to establish representative offices in Korea and Australian lawyers to advise on Australian and public international law. Within two years following entry into force, Australian firms will be permitted to enter into cooperative arrangements with Korean firms and, within five years, to form joint venture law firms.
Financial Services: Australian financial services providers will be able to supply a clearly defined list of financial services on a “cross-border” basis, enabling Australian suppliers to do business in Korea without the need to open a full commercial presence. This includes investment advice and portfolio management services for investment funds, as well as a range of insurance and insurance-related services. KAFTA also provides for enhanced transparency of regulatory decision-making, as well as streamlined licensing procedures for Australian suppliers.
Accountancy Services: Australian accountants will be able for the first time to provide accounting consultancy services relating to Australian or international tax or accounting law through offices in Korea and, within five years, work and invest in Korean tax or accounting corporations.
Telecommunications Services: Australian telecommunications providers may own up to 100 per cent of the voting shares of a facilities-based telecommunications service supplier in Korea within two years, and be licenced to provide public telecommunications services. KAFTA establishes strong disciplines to prevent anti-competitive conduct and ensure that major suppliers provide interconnection, resale of services, leased circuit services and co location of equipment on reasonable, non-discriminatory terms.
Education Services: Korea has made new commitments which guarantee market access for Australian education providers in Korea’s growing adult education sector.
Film and Television Services: KAFTA will deliver new commercial opportunities for the Australian film and television industry via co-production arrangements, facilitating creative exchange and the development of screen projects of cultural significance.
Engineering Services: Australian engineers will benefit from closer collaboration between Engineers Australia and its counterpart body in Korea, the Korean Professional Engineers Association (KPEA), via a mutual recognition arrangement.
Other Professional Services: Australian professionals will benefit from on-going work towards mutual recognition of qualifications, as well as liberalised visa access arrangements, including for dependents to enter and stay in Korea.