Australia-Korea Foundation welcomes conclusion of free trade agreement negotiations

Media release

5 December 2013

The Australia-Korea Foundation (AKF) welcomes the successful conclusion of the Australia-Korea Free Trade Agreement (FTA) negotiations.

David Palmer, Chair of the AKF Board, said "Korea is a key partner for Australia. We share common values and strategic outlooks and are natural partners in regional cooperation. Our trade relationship is based on complementary economies and was valued at $32 billion in 2012, making Korea Australia’s third largest export market.

"The successful conclusion of the Australia-Korea FTA will lead to better outcomes for both the Australian and Korean economies and will undoubtedly bring our societies closer together.

"I congratulate Ministers Robb and Yoon in successfully bringing these long-running FTA negotiations to a close and I look forward to the FTA progressing through the Australian and Korean domestic ratification processes."

The AKF, an Australian Government Foundation, promotes bilateral relations between Korea and Australia by increasing public awareness of the relationship in Australia and Korea, building partnerships, and increasing Australia’s capacity to engage with Korea. The AKF offers annual grant and scholarship funding rounds to support projects that advance Australia-Korea engagement across business, education, academia, the arts and other spheres.