Trade agreement strengthens regional ties

Media Release

5 December 2014

The Australia-Korea Foundation (AKF) welcomes the news that Australia's Free Trade Agreement with South Korea (KAFTA) will enter into force one week from today on 12 December 2014.

"This is a significant achievement for both countries," acting-Chair of the AKF Board Professor Mike Manton said.

Korea is Australia's third-largest export market with Australian exports of goods and services worth more than $22 billion in 2013-14.

On 12 December, tariffs will be eliminated on 84 per cent of Korea's imports (by value) from Australia, followed by another tariff cut on 1 January 2015. On full implementation of KAFTA, 99.8 per cent of Australian goods exports will enter Korea duty free.

"Australia and Korea are major regional countries with strong, complementary economies, vibrant cultures and an enduring commitment to supporting peace and prosperity in our region," Professor Manton said.

"The importance of our relationship increases every year and the implementation of the Free Trade Agreement will further strengthen ties between us," he said.

A KAFTA overview, an outcomes summary, and a guide for exporting and importing goods, including relevant contact details, can be found at: http://dfat.gov.au/fta/kafta.

The Australia-Korea Foundation has, since its establishment 22 years ago, encouraged deeper relations between the peoples of Australia and Korea, including promoting greater understanding of Korea by Australians, and showcasing Australian excellence and innovation in Korea.

The Foundation's annual grant round will open in February 2015.

Further information on the Foundation: http://www.dfat.gov.au/akf




Last Updated: 5 December 2014