Australia has concluded negotiations for a Free Trade Agreement (FTA) with the Republic of Korea.
As a result of the Agreement, tariffs will be eliminated on Australia's major exports to Korea and there will be significant new market openings in services and investment. The FTA translates to higher economic growth and more jobs for Australians.
As part of the FTA, tariffs of up to 300 per cent will be eliminated on key Australian agricultural exports such as beef, wheat, sugar, dairy, wine, horticulture and seafood, as well as resources, energy and manufactured goods.
The FTA will also provide new market opportunities in Korea for Australian services in education, telecommunications and a range of professional services including financial, accounting and legal services.
The benefits of the FTA start flowing immediately and will be long-lasting. Independent modelling shows the Agreement would be worth $5 billion between 2015 and 2030 and boost the economy by around $650 million annually after 15 years.
Agricultural exports to Korea will be 73 per cent higher after 15 years as a result of the FTA and overall exports to Korea will be 25 per cent higher resulting in the creation of more than 1700 jobs.
Thursday December 5, 2013/ Minister for Trade and Investment/ Australia.