The Korea-Australia Free Trade Agreement (KAFTA) is a comprehensive agreement liberalising trade between Australia and Korea.
KAFTA entered into force on 12 December 2014 and provides significantly improved market access that has made Australian goods and services more competitive in Korea. At full implementation of KAFTA on 1 January 2033, tariffs on 99 per cent of Australian goods will be eliminated.
The Agreement also provides liberalised access to several priority services sectors in the Korean market.
Korea is a party to the Regional Comprehensive Economic Partnership Agreement (RCEP), further strengthening the economic partnership.
Key outcomes and benefits of KAFTA
- Food and Agriculture: Trade in agricultural goods (agriculture, fisheries & forestry) between Australia and Korea has increased significantly due to liberalised trade. Australian agrifood products are thriving in the Korean market with the removal of high tariffs on key categories such as meat, seafood, horticulture, and packaged food and beverages.
- Resources and Energy: Australia's resource, energy and manufactured exports to Korea have benefited from KAFTA, with tariffs on liquefied natural gas, titanium dioxide, unwrought aluminium and automotive parts eliminated completely.
- Services: Korea has made market access commitments in a range of sectors such as in finance, accounting, legal, engineering, architectural, education, telecommunications and environmental.
- Mobility: Enhanced certainty on entry and length of stay for business persons and skilled workers, including guaranteed access for Australian intra-corporate transferees, investors and business visitors.
- Professional services: Improved mechanisms for working towards mutual recognition of professional qualifications and registration, including in engineering, accounting and architectural services.
- Investment: greater certainty and security for Australian investors including provisions that guarantee non-discrimination, protection and safeguard of investments.
Helpful Links
- FTA Portal – Access the latest information about Australia’s in-force Free Trade Agreements (FTAs). This user-friendly site helps you compare agreements including tariffs, Harmonised System Codes (HS Codes), rules of origin requirements, and find the best fit for your business needs.
- Australian Border Force – Find details on customs, import requirements, advance rulings and customs duties.
- Austrade – Explore export opportunities and support for Australian exporters.
- Department of Agriculture, Fisheries and Forestry – For market access issues for agricultural products including biosecurity and implementing policies for agricultural traceability.
Contact Us
For more information, please email: fta@dfat.gov.au.