Kafta Agreement

The full text of the agreement as well as useful information on FTAs and fact sheets are available on the website of the Ministry of Foreign Affairs and Trade (DFAT) For any specific questions regarding the agreement, the E-Mail-KoreaFTA@dfat.gov.au or the DFAT phone on 02 6261 1111. The Korea-Australia Free Trade Agreement (also known as KAFTA) is a bilateral agreement to reduce trade and investment barriers between Australia and South Korea. The agreement was reached and came into force in 2014. Australia and South Korea have a strong and complementary trade relationship. Australian Trade Minister Andrew Robb and Korean Trade Minister Yoon Sang-jick concluded negotiations on the agreement in early December 2013 and the text of the agreement, which was legally reviewed, was signed by chief negotiators on February 10, 2014. [1] In April 2014, Australian Prime Minister Tony Abbott led a trade delegation to Japan, South Korea and China. The three economies accounted for more than half of Australia`s two-way trade. [2] During the South Korean leg of the mission, Abbott signed the Australia-Korea Free Trade Agreement (KAFTA) with the government of Park Geun-hye on April 8 in Seoul. [3] The agreement came into force on December 12, 2014. [4] Kafta is a global, world-class agreement that significantly liberalizes Australia`s trade with Korea, our fourth largest trading partner. The agreement helps create a level playing field for Australian exporters that compete with those of the United States, the EU, Chile and the Association of Southeast Asian Nations (ASEAN) that benefit from existing trade agreements with Korea.

The full text of the KAFTA is available on the website of the Ministry of Foreign Affairs and Trade. Upon request, the ministry will advise in writing whether the goods are from Korea in order to benefit from the kafta preference. For more information, please read: KAFTA has obtained a three-step relaxation of the provision of legal services by Australian law firms. Australian law firms will be able: opening up key Asian markets is essential if Australian companies are expected to compete with the world in the years to come. Korea-Australia Free Trade Agreement August 26, 2016 | pdf, 0.5 MB Trade and Investment Minister Andrew Robb announced that Australia`s free trade agreement with South Korea will come into force on December 12, 2014. The Certificate of Origin must contain the following data elements (as shown in Chapter 3 of KaFTA Schedule 3-C): Total Korean investments in Australia in 2014-15 were $22.89 billion. KAFTA allows for an increased flow of Korean investment by increasing the screening threshold at which Korean investments in non-sensitive sectors are considered by the Foreign Investment Review Board to be considered by the Foreign Investment Review Board from $252 million to $1,094 million, which is the best status granted to the United States and New Zealand. Australian financial service providers may work in Korea on a “cross-border” basis and are not required to maintain a full commercial presence for investment advisory and investment fund portfolio management. Korean regulators must now allow Australian institutions to transfer data inside and outside Korean territory, and licensing restrictions have also been reduced. Australia and Korea have one of the strongest and most complementary trade relationships in the Asia-Pacific region. The Korea-Australia Free Trade Agreement (KAFTA) reduces trade and investment barriers and makes it easier for Australians to do business with Korea, our fourth largest trading partner.

This publication was drafted prior to the current government The Korea-Australia Free Trade Agreement (KAFTA) came into force on December 12, 2014. The Republic of Korea is the world`s twelfth largest economy and asia`s fourth largest.

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