Korea

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18 Country starter pack Introduction to Korea KAFTA is one of the most comprehensive trade deals completed by Australia with any nation, delivering big improvements in market access and tariff elimination or reduction for exporters of goods and services. It also substantially improves investment protections for Australians doing business with Korea. The agreement secures Australia’s competitive position in the Korean market, where some competitors have already been enjoying preferential access. Specifically, the agreement helps level the playing field for Australian exporters competing with those from the US, New Zealand, the EU, Chile, and the Association of South East Asian Nations (ASEAN), who benefit from existing and new trade deals with Korea. Benefits for Australian businesses through KAFTA include: Focusing on inbound trade from Korea, the nation is Australia’s ninth largest foreign source of goods and services, with imports totalling over $12 billion in 2013-14. The primary imports from Korea are refined petroleum, passenger motor vehicles, and pumps and associated parts. With such a growing trade relationship, negotiating a free trade agreement was a natural progression. The Korea Australia Free Trade Agreement (KAFTA) came into force on 12 December 2014, after being signed by the two governments in April of that year. KAFTA was Australia’s first free trade agreement to be concluded with a major trading partner in North Asia. Agreements with Japan and China soon followed making up the “trifecta” of trade agreements announced in 2014. Together, these three economies represent more than 50 per cent of Australia’s exports. The further opening up of these major markets will provide a potentially gamechanging boost to Australia’s prospects of competing globally in the years ahead. • After initial entry into force, 84 per cent of Australia’s goods exports (by value) can enter Korea duty-free. By full implementation, tariffs on 99.8 per cent of Australian exports (by value) to Korea will have been eliminated. • Australia’s agriculture exporters are now permitted to compete in this otherwise highly protected, but lucrative market. • New markets are opening up in Korea for Australian law firms, accountants and telecommunications providers. It also guarantees access in a wide range of other sectors including education and financial services. • KAFTA provides greater protection and certainty to Australian investors, including the ability to directly enforce investment obligations through an Investor- State Dispute Settlement mechanism. • Korea guarantees access for Australian business people (and their families) to stay in Korea for up to two years. • A Professional Services Working Group was established to facilitate cooperation and mutual recognition between professional bodies in both countries. • Australian suppliers are guaranteed access into the Korean Government procurement market and ensure transparent and fair procurement processes. • KAFTA will support business in harnessing the efficiencies of electronic commerce, while ensuring the protection of consumers engaging online.
Country starter pack Introduction to Korea 19 Diplomacy and regional security is also a critical part of the Australian and Korean bilateral relationship. Australia and Korea share key security interests in North Asia and the Asia-Pacific. Stability on the Korean Peninsula, where the communist North and democratic South have been in a technical state of war for more than six decades, is considered vital to the security and economies of both countries. Both Australia and Korea are close strategic and military allies of the United States, and see its continued commitment to the Asia-Pacific as critical to stability and prosperity in the region. Security and defence ties between Australia and Korea have been expanding. A joint meeting of the two nations’ foreign and defence ministers took place in Seoul in July 2013. It was the first such meeting Korea had conducted with any country except the US. Security issues are regularly discussed by the two countries, including at Foreign Ministers’ consultations, in talks between senior foreign ministry and defence officials, in defence policy talks, and through the relationships between the two nations’ major military staff colleges and institutions. Other examples of the growing security cooperation between the two nations include the Australian Army contribution to Seoul’s preparation for its redeployment of military forces to Afghanistan in May 2010. Australia and Korea have also cooperated under the multinational Proliferation Security Initiative (PSI) since Korea joined the initiative in 2009. And in March-April 2014 Australia sent more than 100 defence force personnel to participate in exercise Ssang Yong in Korea. In mid-2014, Australia and Korea agreed to increase participation in military exercises and defence technology exchange involving both Australian military and civilian personnel. This is in addition to the regular talks and visits the Royal Australian Navy and the Royal Australian Air Force currently have with their Korean counterparts. The Australia-Korea Foundation (AKF) was established by the Australian Government in 1992 to promote bilateral relations between Korea and Australia. The objectives of the foundation are to increase public awareness of Australia in Korea and of Korea in Australia; develop partnerships in areas of shared interest in the bilateral, regional, and global context; and increase Australians’ capacity to effectively engage with Korea.
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Page 3 and 4: SURFACE AREA 99,400 square kmS GDP
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Country starter pack Visiting Korea
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Country starter pack Engage with us
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© August 2015, Asialink Business.
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Korea

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