The Korea-Australia Free Trade Agreement (KAFTA) entered into force on 12 December 2014.
KAFTA supports one of the strongest and most complementary economic relationships in the Asia-Pacific region.
As a world-class and comprehensive bilateral agreement, KAFTA substantially liberalises Australia’s trade with its fourth-largest trade partner.
The Agreement protects and enhances the competitive position of Australia’s businesses in Korea. Australian exporters gain significantly improved market access in goods, with tariff elimination on nearly all Australia’s current exports by value by full implementation of the Agreement. Under KAFTA, Australian services providers receive the best treatment Korea has agreed with any trade partner. Investment commitments in the Agreement protect and enhance investment in both directions.
The Republic of Korea (ROK, also known as South Korea) is home to some of the world’s largest and most diversified companies and is a dynamic and vibrant place to do business. With a population of 50 million and a gross domestic product (GDP) per capita of more than US$25,000, the ROK is the 11th largest economy in the world and the fourth largest in Asia
For more information about on doing business in Korea and Korea’s business culture, see Austrade's Doing business in Korea page.
The Guide to using KAFTA to export or import page has more-detailed information about how you can make the most of KAFTA.
You can find out how on our KAFTA and Certificates of Origin page.
The Australian Government, through Austrade, can also provide more information about doing business in Korea, including how businesses in your sector are going.