This is the introductory text to a joint statement regarding the Korea-Australia Free Trade Agreement (KAFTA) which is released today:
Joint statement by Kate Carnell, Chief Executive Officer, Australian Chamber of Commerce and Industry; Ian Birks, Chief Executive Officer, Australian Services Roundtable; Catherine Livingstone , President, Business Council of Australia; Brendan Pearson, Chief Executive, Minerals Council of Australia; and Brent Findlay, President National Farmers’ Federation.
Australian businesses will be able to take full advantage of opportunities with our fourth largest trading partner from tomorrow, 12 December 2014, the day the Korea–Australia Free Trade Agreement (KAFTA) enters into force.
Through KAFTA, the Australian Government has lifted the competitiveness of Australian businesses operating in Korea, after years of losing ground to businesses from the United States, Europe and Asia whose countries have already established preferential trade agreements.
Over the coming weeks, businesses across all sectors of the Australian economy will see a double-round of tariff cuts for exports into Korea. In addition to tariff cuts tomorrow, Australian exporters to Korea will enjoy a second stage of cuts on 1 January 2015.
KAFTA is an important agreement with one of Australia’s largest trading partners. It eliminates tariffs on almost all of Australia’s merchandise exports to Korea, including agricultural, resources and industrial goods. Australia’s services industries will enjoy new and guaranteed access in the large and growing Korean market. Australian consumers and manufacturers benefit from cheaper imported goods, including cheaper inputs into Australian manufactured goods.
The full copy of the media release is available here: