Australia-Republic of Korea FTA Study
Overview
In December 2006, Australia and the Republic of Korea (ROK) agreed to commence a joint non-government study to examine the merits of a bilateral free trade agreement (FTA).
The joint non-government study report was undertaken by Melbourne-based trade consultancy, ITS Global, and the Korea Institute for International Economic Policy.
The study examined the effects of trade liberalisation under an FTA and reviewed existing barriers to goods and services trade and investment.
The report finds that both Australia and Korea stand to gain from an Australia-Korea FTA, which could boost Australia’s GDP by up to US$22.7 billion and Korea’s GDP by up to US$29.6 billion, in the period 2007-2020.
A comprehensive FTA between Australia
and the ROK would deepen our already extensive economic relationship.
The ROK is Australia’s third largest merchandise export market with
exports amounting to A$13.5 billion in 2007, and our sixth largest trading
partner with two-way trade of $21.4 billion in 2006-07.
Completion of the joint non-government study report provides a useful basis for both governments to consider moving towards the commencement of formal FTA negotiations. Senior government officials met in Seoul in late April to review the report’s findings and make recommendations to their respective governments.
Australia-Republic of Korea Joint Non-Government FTA Study
Study Reveals Gains to Australia from FTA with Korea, Media Release by the Minister for Trade, the Hon Simon Crean MP, 22 April 2008
Additional Information
For a political and economic overview of the ROK and more information on Australia’s bilateral relations with the ROK, go to the Republic of Korea country brief.
Doing Business in the Republic of Korea
For more information on doing business in the ROK and about specific export opportunities, go to the Austrade website. As well as country-specific information, the Austrade website also has a database that can be searched by industry.
Contact Us
For further information on the Australia-ROK FTA feasibility study, please contact DFAT's Korea Section:
Tel: +61 2 6261 2226
Fax: +61 2 6261 1571
Director
Korea Section
Department of Foreign Affairs & Trade
RG Casey Building
John McEwen Crescent
BARTON ACT 0221
For media enquiries, please call DFAT's Media Liaison Section: +61 2 6261 1555