News
The Korea Australia Free Trade Agreement (KAFTA) has expanded the strong, complementary trading relationship between Australia and Korea, liberalising Australia's trade with a major market and creating opportunities for closer collaboration between Australian and Korean businesses. The business community has indicated strong support for KAFTA as the agreement has provided significantly improved market access for businesses in both countries. It is now up to businesses to make the most of the opportunities created by KAFTA and other recent access improvements.
Other Australian initiatives are also expected to boost trade and investment flows over time. The Australia-Korea Services Sector Promotion Forum (SSPF), held for the first time in October 2014, is a business-led strategic discussion, allowing peak industry bodies and business leaders to identify opportunities for collaboration, and to exchange experiences in reform, deregulation and innovation. In March this year the Australian Embassy in Seoul hosted the Best Practice Regulation Workshop which brought together experts from Australia and Korea to exchange views on achieving better regulation while cutting red tape – a priority issue for both governments.
Making the most of both countries' vibrant cultures and of particular interest to Australia-Korea Foundation alumni, the Audiovisual Co-production Agreement under KAFTA offers opportunities for the film and television industry to develop screen projects of cultural significance by opening new markets and facilitating creative exchange. This will help Australian and Korean producers develop screen content of the quality and scale to compete in the international marketplace.
The Australian Government is rolling out a national seminar series over the next two years. These will be held in state capital and rural and regional centres to outline the benefits and opportunities of FTAs – including KAFTA – for Australian business. The Government's FTA website (www.fta.gov.au) hosts extensive information, including step-by-step guides and factsheets for business.