Aust-Korea Foundation welcomes trade agreement

THE Australia-Korea Foundation (AKF) has welcomed the official start of Australia’s Free Trade Agreement with South Korea (KAFTA) on December 12, saying it will further drive regional ties on many levels.

“This is a significant achievement for both countries,” acting chair of the AKF Board, Mike Manton said.

“Australia and Korea are major regional countries with strong, complementary economies, vibrant cultures and an enduring commitment to supporting peace and prosperity in our region,” Professor Manton said.

“The importance of our relationship increases every year and the implementation of the Free Trade Agreement will further strengthen ties between u.”

Korea is Australia’s third-largest export market with Australian exports of goods and services worth more than $22 billion in 2013-14.

On 12 December, tariffs were eliminated on 84 percent of Korea’s imports, by value, from Australia. There is another tariff cut on January 1, 2015.

On full implementation of KAFTA, 99.8 percent of Australian goods exports will enter Korea duty free,” Prof. Manton said.

The Australia-Korea Foundation has, since its establishment 22 years ago, encouraged deeper relations between Australia and Korea, including promoting greater understanding of Korea by Australians, and showcasing Australian excellence and innovation in Korea.

The Foundation’s annual grant round will open in February 2015.

A KAFTA overview, an outcomes summary, and a guide for exporting and importing goods, including relevant contact details, can be found at: http://dfat.gov.au/fta/kafta

www.dfat.gov.au/akf

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