Australia Trade Minister Robb and his Korean counterpart, Trade Minister Yoon, concluded negotiations on Korea-Australia Free Trade Agreement in early December 2013.
Korea is Australia’s third largest export market and fourth-largest trading partner. With a population of 50 million people, Korea has Asia’s fourth largest economy.
The introduction of the Korea-Australia Free Trade Agreement (KAFTA) will not only benefit Australian exporters and importers, as well as workers, consumers and investors. The Free Trade Agreement is set to open markets and free up trade between Australia and Korea. This is an important boost to Australia’s economy.
EES Shipping welcomes the introduction of this newest Free Trade Agreement. Note that the agreement can take up to 12 months to be effective.