AustCham Korea Participates in ACRC Meeting to Address Regulatory Concerns
On Friday, June 28th, representatives from AustCham Korea attended an Anti-Corruption and Civil Rights Commission (ACRC) meeting with fellow foreign chambers of commerce. The meeting, hosted by ACRC Chairman Mr Ryu and several senior representatives from the organisation, was designed to facilitate a two-way dialogue on Korea’s business environment and provide an avenue for chambers to express any business-related grievances or concerns.
Advocating on behalf of its members, Executive Director Rowan Petz raised specific concerns to the commission, particularly the difficulties reported by businesses in navigating Korea’s financial terms and regulations. Petz emphasised the need for clarity and consistency in regulatory practices to foster a more favourable business climate for foreign enterprises.
The timing of this meeting is particularly pertinent as the 10th anniversary of the Korea-Australia Free Trade Agreement (KAFTA) approaches. The importance of the trade relationship between Korea and Australia cannot be overstated, with Korea being Australia’s third-largest trading partner. Addressing regulatory challenges and reinforcing this bilateral relationship is vital for the benefit of Australian businesses and the broader economic growth of both nations.
AustCham Korea would like to thank the ACRC for the opportunity to participate in the roundtable discussion. Members facing regulatory challenges within the Korean market are encouraged to email membership@austchamkorea.org for assistance.
