With the G20 Finance Ministers and Central Bank Governors meeting in Sydney this weekend, the Australian Government had some positive news earlier in the week on the international front, releasing details of the Korea-Australia Free Trade Agreement (FTA).
The FTA is expected to formally enter into force at the end of 2014 and importantly, it will make significant changes in key areas including legal, accounting and financial services.
Following the full implementation of the FTA, effectively all of Australia’s exports to Korea will be free from tariffs or other trade barriers. The new commercial opportunities for Australian businesses are potentially significant.
The FTA offers Australian service providers the opportunity to compete in the Korean market on an equal level with competitors from the US, EU and ASEAN countries.
These provisions also seek to promote mutual recognition of professional qualifications and improved residency and business visa access arrangements for Australians.
The Trade Minister’s press release and the full text of the FTA can be accessed here.
Robert Jeremenko CTA