Australia’s free trade agreements (FTAs) are not static after they enter into force. They are implemented over time and are subject to regular review to maximise the benefits they deliver.
Existing FTAs are further developed through committees and working groups established by these agreements, and formal review provisions. Collectively, these form the 'built-in agenda' to an agreement.
The built-in agenda provides a platform for the parties to examine ways to build on outcomes where possible. Some benefits automatically deepen over time as mandated by an agreement, such as staged tariff cuts.
The Joint Committee and subsidiary bodies
Built-in review mechanisms
KAFTA has the following built–in review arrangements.
- Ongoing review of non-tariff measures to trade in goods raised by either party.
- Existing services and investment access is on a negative list basis.
- Broad Most Favoured Nations (MFN) provisions on services and investment — Korea to give Australia the same future treatment it gives to any other country across a wide range of sectors.
- The Joint Committee to review the Annex on Professional Services at least once every two years after the entry into force of KAFTA.