KAFTA past committee meetings

Committee on Financial Services

Report to the Korea Australia Free Trade Agreement Joint Committee following the Second Meeting of the Committee on Financial Services - 24 October 2017

  1. The Korea Australia Free Trade Agreement (KAFTA) Committee on Financial Services held its second meeting in Incheon, Korea on 24 October 2017.
  2. Officials from the Australian Government and the Republic of Korea welcomed the continued smooth implementation of KAFTA, and positive feedback from both business communities that they were taking advantage of commitments under the agreement.
  3. Both sides exchanged information and views on the operation of KAFTA and each country’s experience in implementing the Asia Region Funds Passport.
  4. Parties also shared views on new policies to develop financial markets such as Fintech and agreed to promote financial regulatory cooperation.
  5. The Committee agreed to hold its third meeting in 2018.

Second Joint Committee – 17 November 2016

The second meeting of the Korea-Australia Free Trade Agreement (KAFTA) Joint Committee was convened in Lima, Peru on 17 November 2016 in the margins of the APEC Ministerial Meeting. The meeting was co-chaired by the Minister for Trade, Tourism and Investment of Australia, Steven Ciobo and the Minister of Trade, Industry and Energy of the Republic of Korea (ROK), Hyunghwan Joo.

Second meeting of the Korea-Australia Free Trade Agreement Joint Committee

First KAFTA Joint Committee – 16 November 2015

The first meeting of the Korea-Australia Free Trade Agreement (KAFTA) Joint Committee was convened in Manila on 16 November 2015 in the margins of the APEC Ministerial Meeting. The meeting was co-chaired by Justin Brown, Acting Deputy Secretary, Department of Foreign Affairs and Trade, and Tae-hee Woo, Deputy Minister for Trade, Ministry of Trade, Industry, and Energy.

First meeting of the Korea-Australia Free Trade Agreement Joint Committee

Committee on Outward Processing Zones on the Korean Peninsula – 2 February 2016 and 2 June 2015

The KAFTA Committee on Outward Processing Zones on the Korean Peninsula has met twice in Sydney on 2 June 2015 and in Seoul on 2 February 2016.

At the first meeting, senior officials from Australia and the Republic of Korea reviewed conditions on the Korean Peninsula in the context of Article 3.13 and Annex 3-B of KAFTA.

At the second meeting, further to tasking by the Joint Committee and in compliance with Annex 3-B of KAFTA, the Committee identified the Gaesong Industrial Complex as an area that may be designated as an OPZ as provided by the Agreement.

Committee on Trade in Goods

Report to the Korea Australia Free Trade Agreement Joint Committee following the First Meeting of the Committee on Trade in Goods – 24 March 2016

  1. The Korea Australia Free Trade Agreement (KAFTA) Committee on Trade in Goods held its inaugural meeting in Canberra on 24 March 2016.
  2. Senior officials from Australia and the Republic of Korea welcomed the continued smooth implementation of KAFTA, and strong indications that the business communities in both countries were taking advantage of tariff reductions under the agreement. Both sides highlighted a number of success stories of businesses that benefitted from KAFTA in such areas as Korea’s motor vehicles and their parts and Australia’s agricultural products, although it was agreed that continuing efforts should be made to encourage small medium enterprises to utilise KAFTA.
  3. In response to tasking by the Joint Committee in November 2015, both sides exchanged information and views on the operation of KAFTA in the area of trade in goods: Korea’s agricultural safeguard measure on beef; Australia’s anti-dumping measures; and Non-tariff measures (NTMs) of parties. Parties agreed that NTMs are to be discussed at the relevant committees, working groups and technical meetings, such as the SPS technical meeting and the ad hoc TBT working group, and that the Committee on Trade in Goods follow up the discussions either in session or intersessionally. The committee also agreed on trade data exchange arrangements in principle and to an early exchange of this data.
  4. The Committee agreed to hold its second meeting in Korea in the first half of 2017.

Committee on Financial Services

Report to the Korea Australia Free Trade Agreement Joint Committee following the First Meeting of the Committee on Financial Services – 21 April 2016

  1. The Korea Australia Free Trade Agreement (KAFTA) Committee on Financial Services held its inaugural meeting in Perth on 21 April 2016.
  2. Officials from Australia and the Republic of Korea welcomed the continued smooth implementation of KAFTA, and indications that the business communities in both countries were taking advantage of commitments under the agreement.
  3. Both sides exchanged information and views on the operation of KAFTA; regulations around offshore data processing in Korea and Australia; regulations around fly-in-fly-out financial services in Korea and Australia. Parties discussed interest in enhanced regulatory cooperation going forward and agreed to share specific ideas to pursue this and report back to the Committee on Financial Services intersessionally.
  4. The Committee agreed to hold its second meeting in Korea in the first half of 2017.

Working Group on Professional Services

Report to the Korea Australia Free Trade Agreement Joint Committee following the Second Meeting of the Working Group on Professional Services – 4 August 2017

  1. The Korea-Australia Free Trade Agreement (KAFTA) Working Group on Professional Services held its second meeting by video conference on 4 August 2017.
  2. The Parties shared the status of their ongoing discussion on mutual recognition agreements (MRAs) for professional services with third parties, and reviewed their efforts to promote the exchange of professionals and the liberalisation of trade in services.
  3. The Parties reviewed the progress of discussion on MRAs between the relevant entities and possible opportunities for them to convene. In this regard, Korea requested to hold bilateral meetings for the architectural, veterinary and pharmaceutical sectors, respectively, on the occasion of the international conferences of the International Union of Architects (UIA), the World Veterinary Congress (WVC) and the International Pharmaceutical Federation (FIP) which will take place in Korea this year.
  4. The Parties agreed to exchange information on MRA utilization by engineers and updated contact points for each sector.
  5. Korea proposed to discuss another MRA in the engineering sector between Korea's principal engineers of the Korea Construction Engineers Association (KOCEA) and Australia's technologist engineers or associate engineers. To this end, both Parties agreed to exchange contact points for the relevant authorities.
  6. Australia shared its interest in legal services and requested to bring forward the phase three schedule of Korea's KAFTA commitments. Australia also requested to exchange relevant entities’ contact points to initiate a dialogue between the accounting associations for Australia's Institute of Public Accountants (IPA), for which Korea did not commit to market access in KAFTA. Korea said that it would convey Australia's request to the relevant entities.
  7. Both Parties expressed gratitude to the officials of the two countries for the second meeting and agreed to hold the third meeting by this date next year.

Report to the Korea Australia Free Trade Agreement Joint Committee following the First Meeting of the Working Group on Professional Services – 19 May 2016

  1. The Korea-Australia Free Trade Agreement (KAFTA) Working Group on Professional Services held its inaugural meeting by video conference on 19 May 2016.
  2. Officials from Australia and the Republic of Korea welcomed the continued smooth implementation of KAFTA. They also welcomed the strong interest from professional services stakeholders in both countries in taking advantage of opportunities to boost bilateral ties under the agreement, including through mutual recognition arrangements (MRAs). They recognized the Engineers MRA of April 2015 as a significant achievement of KAFTA.
  3. Both sides exchanged the contact points of each other’s relevant bodies and shared progress in discussion between them. Both sides agreed to cooperate with each other to conclude MRAs.
  4. In response to tasking by the Joint Committee in November 2015, both sides exchanged information and views on the operation of KAFTA in each professional service area: the application of the Korea-Australia Engineers MRA in 2015; cooperation in architectural, veterinary, healthcare and accounting services; and issues of interest such as the liberalization schedule of Korea’s legal services. Australia indicated it would raise the issue of legal services at the next Joint Committee Meeting. Both sides agreed to exchange further information on their licensing systems and to encourage the relevant bodies to meet directly with each other. They also agreed the Working Group would convene annually to take stock of progress on discussion among the relevant bodies.
  5. The Committee agreed to hold its second meeting in the first half of 2017.

KAFTA Committee on Energy and Mineral Resources

28th meeting of the Korea – Australia Joint Committee on Energy and Mineral Resources Consultations and Cooperation (JCEM) – 27 October 2016

Korean and Australian government officials and industry and research agency representatives met in Seoul for the 28th meeting of the Korea-Australia Joint Committee on Energy and Mineral Resources Consultation and Cooperation (JCEM).

Through the 28th Korea-Australia Joint Committee on Energy and Mineral Resources, the Korea-Australia Free Trade Agreement (KAFTA) Committee on Energy and Mineral Resources Cooperation held its inaugural meeting in Seoul on 27 October 2016.

The Korean delegation was led by Mr Inho Lee, Deputy Minister, Ministry of Trade, Industry and Energy. The Australian delegation was led by Ms Margaret Sewell, Head of Energy Security Office, Department of the Environment and Energy.

Both sides exchanged information and views on energy and resources policy and the global market outlook.  They discussed the importance each attached to the development of clean energy, through energy efficiency, renewable energy and low carbon technologies.  They noted the growing synergies between Australia and Korea and the potential for enhanced future cooperation, both bilaterally and in third markets.

Discussions were also held on a range of topics including:

  • the latest government policies and programs in resources and energy;
  • resources and energy trade covering the outlook for future supply and demand; and
  • investment opportunities in the resources and energy sector.

The JCEM provides both governments with an opportunity to identify and progress issues of mutual benefit and builds momentum in cooperation at Government, industry and research levels.  It promotes a platform for future commercial partnerships.  JCEM recognises our shared interest in a secure and clean energy future and provides an opportunity for research and development partnerships between our research institutions.

Officials from Australia and the Republic of Korea welcomed the continued smooth implementation of KAFTA, and indications that the business communities in both countries were taking advantage of the Agreement.  They agreed that KAFTA provided additional opportunities for Korean and Australian businesses in each other's energy markets.

Last Updated: 22 September 2017