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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.

TAGS: tax | free trade agreement (FTA) | export duty | tariffs | trade treaty | Australia | agreements | Korea, South | import duty | trade

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