none

Korean FTA a boost for trade and confidence

31-08-2010
by 
in 
Korean FTA a boost for trade and confidence

A Free Trade Agreement between Australia and Korea would boost business confidence and open new market opportunities in the next decade, says Peter Anderson, chief executive of the Australian Chamber of Commerce and Industry.

Mr Anderson described the negotiations as a breakthrough in a dynamic North Asian country of more than 50 million people.

“It also holds the promise of more investment into Australia, and the creation of new wealth to sustain Australian living standards,” he said.

Mr Anderson said such an agreement is a demonstration to the private sector that Australia is 'open for business.'

“It will put Australian exporters on a more equal footing with US and EU competitors which have obtained improved access to the Korean market through their own Free Trade Agreements – an important goal since negotiations started in 2009.”

ACCI's Director of Trade and International Affairs, Bryan Clark, said: "The announcement will provide a substantial boost to the two way trade and investment opportunity between Australia and Korea.

“The deal is comprehensive in its coverage with very few exclusions and a substantial benefit to Australia’s important sectors, particularly manufacturing, agriculture, food and service sectors like professional services.

“We particularly welcome and support the government's flexibility in investor state dispute settlement and a pragmatic approach to foreign investment review board thresholds.

"ACCI looks forward to the finalisation of legal arrangements and the passage of the treaty through the parliament to ensure the earliest possible entry into force."

The Australian Industry Group also welcomed the announcement.

AiGroup chief executive Innes Willox said the negotiation of the Korea Australian Free Trade Agreement (KAFTA) is “a new step in building the network of Australia’s bilateral and regional trade agreements.”

“South Korea is our fourth largest trading partner and, critically, Australia’s signing of an FTA means that we now join the United States, the European Union and ASEAN countries who have been enjoying the benefits of preferential trade access through their own FTAs with Korea.”

Mr Willox said the KAFTA would have particular benefits for Australia’s agricultural and resource producers where often quite substantial tariffs have impeded the full potential of trade links.  

“The agreement also appears to make important headway in improving access for Australia’s service exporters, he said.

“However, the news is more ambiguous for manufacturers with winners and losers likely to emerge.  Its overall impact on key parts of industry will only become apparent over time.”

Related news & editorials

  1. 20.04.2018
    20.04.2018
    by      In
    There will be a strong Australian flavour to the Siemens stand at this year’s Hannover Messe, which begins on the 23rd April. A group group of more than 100 people will be on hand, including members of the Prime Minister’s Industry 4.0 Taskforce, customers and stakeholders from a range of... Read More
  2. 19.04.2018
    19.04.2018
    by      In
    In a move welcomed by industry leaders and the WA Government, Chevron has greenlit an expansion of the Gorgon liquefied natural gas (LNG) project offshore Western Australia’s north-west coast, promising to deliver yet more jobs. 
    The Gorgon gas project, situated about 150km north of Onslow off the... Read More
  3. 19.04.2018
    19.04.2018
    by      In
    As nations around the globe search for new ways of handling waste following China’s decision to stop processing the world’s rubbish, a South Australian man is searching for investors to help build a commercial system that converts waste plastic into biogas.
    The extension of China’s ‘Operation Green... Read More
  4. 17.04.2018
    17.04.2018
    by      In
    Standing still is never an option in the media, and that is why we’ve given the Industry Update website a fresh new look with pages that are easier to navigate as well as being easy on the eye.
    According to Publisher Scott Filby: “Like any website, ours has grown organically over the years, gaining... Read More