Australia secures free trade agreement with South Korea

Australia today reached a free trade agreement with South Korea, its third-largest export market, after four years of hectic negotiations.
The FTA translates to higher economic growth and more jobs for Australians, Prime Minister Tony Abbott's office said in a statement.
As a result of the agreement, tariffs will be eliminated on Australia's major exports to South Korea and there will be significant new market openings in services and investment.
Under the FTA, tariffs of up to 300 per cent will be eliminated on key Australian agricultural exports such as beef, wheat, sugar, dairy, wine, horticulture and seafood, as well as resources, energy and manufactured goods.

The agreement will be signed and come into operation following domestic approval processes in Australia and Korea.
Bilateral trade between Australia and South Korea reached USD 32 billion in 2012 and this agreement will help take that to a new level.

The FTA will also provide new market opportunities in Korea for Australian services in education, telecommunications and a range of professional services including financial, accounting and legal services.
The benefits of the FTA start flowing immediately and will be long-lasting. Independent modelling shows the Agreement would be worth USD 5 billion between 2015 and 2030 and boost the economy by around USD 650 million annually after 15 years.

The FTA secures Australia's position in a major market where competitors like the US, European Union and ASEAN countries are already benefitting from preferential access.
Australian Trade Minister Andrew Robb said the agreement is "world class". "This is the best trading deal that we've done certainly since the United States Free Trade Agreement over 10 years ago.