December 5 2013
Australia and Korea Reach Historic Agreement on Free Trade
The Australian Chamber of Commerce in Korea (AustCham Korea) has warmly welcomed the successful conclusion of negotiations on the Korea-Australia Free Trade Agreement (KAFTA).
The KAFTA is critical for the growth and development of the trade and investment partnership between our two economies and will underpin the expansion of the current $32 billion bilateral trade relationship.
The KAFTA is expected to deliver benefits for primary industries, resources, professional services and education sectors in Australia, as well as opening up new market opportunities. The KAFTA should also promote the broadening of the trade relationship beyond traditional industries and into new, high-value sectors.
Businesses from both countries will benefit from reduced sourcing costs, expanded access, reduced barriers to trade and greater resource security.
AustCham Korea Chair Graham Dodds welcomed the announcement, saying:
“The Australia – Korea business partnership is very important to both countries. Korea is Australia’s third-largest export market and fourth-largest trading partner and an important strategic, economic, military and diplomatic partner in the region.
This is a win-win for both countries and will see the expansion of an already strong relationship between the countries in a wide range of sectors.
We are now looking forward to a speedy ratification of the agreement so that new business opportunities can be created and implemented.”
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