SCHEDULED TO COMMENCE 1 DECEMBER 2014
Legislation which gives effect to the Korea-Australia Free Trade
Agreement (FTA) has been introduced into the Australian House of
Representatives. This legislation foreshadows a commencement date
of 1 December 2014.
On commencement of the FTA, over 90% of tariff lines will be
immediately reduced to 0% with almost all remaining lines reducing
to zero over the next 5 years. We list below the key questions
importers of Korean goods should consider and what steps importers
should be taking now.
Will it definitely apply to imports from 1 December
2014?
Assuming that the Australian legislation passes, the FTA will
only be applicable to imports from 1 December 2014 if both
Australia and Korea complete their domestic treaty making approval
process, and exchange diplomatic notes prior to 1 December
2014.
