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Australia–Korea Free Trade Agreement

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The Australia Korea Free Trade Agreement was concluded in 2014. Australia and South Korea have a strong and complementary trading relationship.

The agreement

Australian Trade Minister Andrew Robb and Korean Trade Minister Yoon Sang-jick, concluded negotiations on the Agreement in early December 2013 and the legally verified text of the agreement was initialed by Chief Negotiators on 10 February 2014.[1] In April 2014, the Australian Prime Minister Tony Abbott led a trade delegation to Japan, South Korea and China. The three economies accounted for more than half of all of Australia's two-way trade.[2] On the South Korean leg of the mission, Abbott signed the Australia Korea Free Trade Agreement (KAFTA) with the government of Park Geun-hye in Seoul on 8 April.[3]

According to Australia's Department of Foreign Affairs and Trade, Australia and Korea have "one of the strongest and most complementary trading relationships in the Asia-Pacific region. The Korea-Australia Free Trade Agreement (KAFTA) reduces trade and investment barriers, making it easier for Australians to do business with Korea – our 4th largest trading partner."[4]

References

  1. ^ About the Korea-Australia FTA; DFAT.
  2. ^ Abbott in China shows skills beyond his years; Mark Kenny; SMH; 11 April 2014
  3. ^ Australia signs free trade agreement with South Korea in Seoul; ABC; 8 April 2014
  4. ^ KAFTA – a snapshot; DFAT


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