Australia & South Korea Complete Free Trade Talks
The Australian Government has completed talks with South Korea for a Trade Agreement adding enormous benefits to businesses when shipping to or from South Korea. Importers and exporters will be able to take advantage of the agreement that will open markets, free trade and strengthen investment between Australia and South Korea.
The new trade has been heralded as the best trading deal since the United States Trade agreement was implemented over 10 years ago.
"The benefits of the FTA (free trade agrement) start flowing immediately and will be long lasting," Australian Prime Miister, Tony Abbott, said in a statement.
"Independant modeling shows the agreement would be worth $5 billion between 2015 and 2030 and boost economy by around $650 million annually after 15 years".
When implemented, the deal will eliminate tariffs for Australia agricultural products, manufactured goods, resources and energy. Australian automotive suppliers will see their tariff as high as eight per cent removed and the wine industry from tariffs of 15 per cent.
Total two-way trade reached $31.9 billion in 2012 - more than 5 per cent of Australia's total international trade. In 2012, Australian exports were valued at $26.6 billion, accounting for over 7 per cent of all Australian exports.
GDP: US$1.156 trillion (2012)
GDP per capita: US$23,113 (2012)
GDP growth: 2.0 per cent (2012)