Archive for December, 2013

10.12.2013 Market Access News Comments Off on Korea-Australia Free Trade Deal Great For Agriculture

Korea-Australia Free Trade Deal Great For Agriculture

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Trade Minister Andrew Robb and his Korean counterpart, Yoon Sang-jick, Korea Minister of Trade, Industry and Energy.
The Free-Trade deal concluded last week between South Korea and Australia is great news for the Australian grains industry. Tariffs will be eliminated on the major traded grain (wheat) enabling Australian growers to compete on a level playing field with the US who has enjoyed zero tariffs since the entry into force of the KORUS FTA on 1 January 2012. Based on average exports from Australia in recent years this could provide an additional revenue of $10 million to Australian producers. Other grains and oilseeds will enjoy a reduction and elimination of tariffs as well opening up potential new trade opportunities.
Full details of the agreement have yet to be released pending ratification of the deal by the respective governments.