Korea-Australia Free Trade Agreement (KAFTA)—2014 Inquiry

Submission Overview

Korea is Australia’s fourth-largest overall trading partner, with total two-way trade worth approximately $30.5 billion in 2012-13. Korea was also nominated by respondents of Australia’s International Business Survey 2014 as the seventh most popular market companies are looking to target in the next two years.

While the ECA would prefer international liberalisation of trade to advance on a multilateral basis, in the absence of any foreseeable completion of the Doha Round of negotiations at the WTO, advances in liberalisation of international trade must occur, by default, pursuant to regional, bilateral and other Free Trade Agreements (FTA) or similar agreements. On that basis, the ECA is of the view that FTAs such as KAFTA represent a reasonable and desirable outcome to advance Australian trade.

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Ed Serrano
Managing Director,
VEKTA Advanced Automation
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