FTA Unlocks Korean Market For Australian Exporters
by Mary Swire, Tax-News.com, Hong Kong
16 December 2014
The Australian Government has welcomed the entry into force of a new free trade agreement with South Korea, which will eliminate almost all tariff barriers faced by Australian exporters.
The Korea-Australia Free Trade Agreement (KAFTA) entered into force on December 12, 2014. From this date, 84 percent of Australian exports became tariff-free in Korea, including wheat, pharmaceuticals, wine, and automotive parts. Further cuts are scheduled for January 1, 2015, with more reductions to follow in future years. Once fully implemented, the KAFTA will eliminate nearly 100 percent of Korean tariffs on Australian goods.
According to Small Business Minister Bruce Billson, small- and medium-sized enterprises (SMEs) will benefit in particular, with the opening of a new market with tens of millions of prospective customers.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
