We’ve been keeping you as up-to-date as possible on the pending KAFTA (Korea-Australia Free Trade Agreement), in March and again in July.
We can now advise that the KAFTA is creeping closer to implementation in late 2014 after significant events during the last week.
The two customs bills required to be passed by Parliament have been introduced. The Bills have been referred to the Senate Legal and Constitutional Affairs Legislation Committee for inquiry and report by 2 October 2014.
All Treaties such as KAFTA are referred to the Joint Standing Committee on Treaties (“JSCOT“) for review. The review includes 78 written submissions and evidence from a number of witnesses.
The KAFTA is also subject to review by the Senate Standing Committee on Foreign Affairs, Defence and Trade.
Along with the above, the KAFTA is subject to domestic implementation by both countries (by domestic legislation) and then will start 30 days after an exchange of Diplomatic Notes by the countries.
We ask that you keep in constant contact with your Korean suppliers in relation to this new agreement.
We will provide you with further information as it comes to hand, however, should you have any questions, please do not hesitate to contact us.