Labor has some outstanding questions about the „trophies“ deal: Does the deal offer the best deal for Australian employment? Is the promised access to Korean markets real? Austrade can help Australian companies become familiar with local market conditions and help develop export opportunities through a number of merchant and Australian services. The lab is determined to ensure that the Abbott government does not trade the national interest for its own political interest for violating „trophy“ trade agreements. Under NAFTA, Australia has been granted most-favoured-nation status for the export of services to Korea. Australia is therefore on an equal footing with the United States and Europe. The relaxation of rules for foreign export service providers is an important step in opening up Korea to the global economy and an excellent opportunity for Australian suppliers to expand their business with one of our largest trading partners. The full text of the agreement as well as useful information and fact sheets on the FTA are available on the website of the Ministry of Foreign Affairs and Trade (DFAT) For any specific questions regarding the agreement, send an email KoreaFTA@dfat.gov.au or call DFAT on 02 6261 1111. KAFTA comes into force when Korea and Australia have completed their domestic legal proceedings. Services account for about 80% of the Australian economy, but account for only 7% of the total value of two-way trade with Korea. We will also ask whether the benefits for Australian farmers, who have praised the government`s public relations machine, are all they claim to be. It appears that some government MPs share the lab`s concerns about the quality of the provisions of the agreement on Australian agricultural exports to Korea. Australian financial service providers can work „across borders“ in Korea and are not required to maintain a full commercial presence for investment advice and investment fund portfolio management.
Korean regulators are now required to allow Australian institutions to transfer data inside and outside Korea, and licensing restrictions have also been reduced. This publication was made before the current government The Korea-Australia Free Trade Agreement (NAFTA) entered into force on December 12, 2014. The Republic of Korea is the 12th largest economy in the world and the fourth largest in Asia. It is Queensland`s third-largest trading partner, with exports worth $4.7 billion, or about 10% of Queensland`s total merchandise exports. When KAFTA came into force in December 2014, 84% of Australia`s merchandise exports (by value) arrived duty-free. Full implementation removes tariffs on 99.8% of Australian exports to Korea (by value). Does the deal offer the best deal for Australian jobs? Is the promised access to Korean markets real? Does it undermine Australia`s ability to legislate on domestic policy issues in the national interest? KAFTA provides increased protection and security for Australian investors in Korea (as well as Korean investors in Australia) with provisions ensuring non-discrimination as well as investment protection and security. In addition, state-level commitments can be directly imposed by Australian investors (as well as Korean investors) through an investor-state dispute settlement (ISDS) mechanism. NAFTA has achieved significant improvements in the two-way reduction of tariffs on goods between Australia and Korea. By 2033, 99.7% of Australian exports will be duty-free, and by 2021, 100% of Korean exports will be duty-free.