South Korea – Australia (Sylodium, import export business)

South Korea – Australia

Trade minister said a free trade deal with South Korea will phase out South Korea’s 40% tariff on beef and 75% of tariffs on South Korean cars.

South Korean companies wishing to export cars, white goods and electronics to Australia will benefit from reduced trade barriers as part of a deal that will help Australian beef producers increase sales to the key Asian market.

On Monday the Abbott government released the full text of the Korea-Australia Free Trade Agreement (Kafta), which runs to 1,800 pages and is yet to be signed. Labor and the Greens have raised concern about the inclusion of investor-state dispute settlement provisions, which allow companies in one country to sue the other for unfair treatment.

The trade and investment minister, Andrew Robb, highlighted the benefits set to flow for Australian farmers, saying the deal would eliminate prohibitive tariffs on beef, sugar, dairy, wheat, wine, horticulture and seafood. Robb said the “world-class” agreement would increase links with Australia’s third largest export market.


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