Korea-Australia Free Trade Agreement (KAFTA) publicly released

Yesterday, the Australian Government released the text of the Korea-Australia Free Trade Agreement, or "KAFTA" to the Australian public.

As detailed in our previous HH CTT Update on 6 December 2013, the agreement was concluded by the Australian Minister for Trade and Investment, the Hon Andrew Robb and his counterpart in early December 2013.

Being our third largest export market and fourth largest trading partner, the benefits to Australian businesses are substantial. According to the Department of Foreign Affairs and Trade, at the time the agreement comes into force, 84 per cent of the value of Australia's exports to Korea will enter duty free. Once fully implemented, the current tariffs on 99.8 per cent of Australian exports will be eliminated.