Australia seals FTA with South Korea

Written By Unknown on Kamis, 05 Desember 2013 | 11.25

AUSTRALIA has sealed a Free Trade Agreement with South Korea, Prime Minister Tony Abbott says.

Mr Abbott told parliament Trade Minister Andrew Robb had successfully concluded negotiations with Korea, which is Australia's third largest export market.

Mr Abbott said it was good news for exporters, jobs, farmers and the country at large.

"Under this agreement, tariffs will be eliminated on Australia's major exports to Korea and there will be significant new market openings in services and investment," he said.

Tariffs will be phased out over the next 15 years on products such as beef, wheat, dairy, sugar, wine, seafood and fruits.

The deal will now go to cabinet and the joint standing committee on treaties.

"The conclusion of this free trade agreement will see the delivery of a key election commitment," the prime minister said.

Mr Abbott told parliament Trade Minister Andrew Robb had successfully concluded negotiations with Korea, which is Australia's third largest export market.

Mr Abbott said it was good news for exporters, jobs, farmers and the country at large.

"Under this agreement tariffs will be eliminated on Australia's major exports to Korea and there will be significant new market openings in services and investment," he said.

Tariffs will be phased out over the next 15 years on products such as beef, wheat, dairy, sugar, wine, seafood and fruits.

The deal will now go to cabinet and the joint standing committee on treaties.

"The conclusion of this free trade agreement will see the delivery of a key election commitment," the prime minister said.

Negotiations for the South Korea deal commenced under Labor in March 2009.

It is one of three FTAs Mr Abbott has pledged to secure in his first 12 months as prime minister. He also hopes to sign agreements with Japan and China.

Opposition leader Bill Shorten said Australia and Korea were strong friends during both war and peace as they shared common values and interests.

He said the FTA presented significant opportunities for Australia, including boosting economic growth, creating more competitive industries, and providing consumers with access to goods and services at lower prices.

"The pursuit of these objectives drives Labor's support for a more open, global trading system," Mr Shorten said.

He requested that senior government officials soon provide a briefing to the opposition, and that the government release details of the agreement at the earliest possible time so it can be reviewed and assessed.


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