Signature of the Korea-Australia Free Trade Agreement
The Minister for Trade and Investment, Mr Robb, and his South Korean counterpart, the Minister for Trade, Industry and Energy, Mr Yoon Sang-jick, signed the Korea-Australia Free Trade Agreement on 8 April 2014.
Media release: Korea-Australia FTA signed in Seoul, 8 April 2014
Key outcomes of the Agreement
More information and a range of fact sheets are available in the Guide to the Agreement.
Korea-Australia Free Trade Agreement – a snapshot
The Korea-Australia Free Trade Agreement (KAFTA) delivers substantial benefits for the Australian economy, making it easier to do business with South Korea - Australia's third largest export market.
About the Korea-Australia FTA
Minister Robb and his Korean counterpart, Trade Minister Yoon, concluded negotiations on the Australia-Korea Free Trade Agreement (KAFTA) in early December 2013. The legally verified text of the agreement was initialed by Chief Negotiators on 10 February 2014 and released to the public on 17 February 2014. The Agreement was signed on 8 April 2014 during a ceremony in Seoul, South Korea.
KAFTA will enter into force after the completion of domestic processes by Australia and Korea. Both countries are making good progress toward this goal. Implementing legislation was passed by the Australian Parliament on 1 October 2014. In Korea, the Agreement has been submitted to the Korean National Assembly for approval.
Australia and Korea have one of the strongest and most complementary trading relationships in the Asia-Pacific region and KAFTA will result in excellent outcomes for Australia.