The end of negotiations
On 5 December 2013 then Prime Minister Tony Abbott announced that the KAFTA negotiations had successfully concluded. In his media release, he said the FTA would mean higher economic growth and more jobs for Australians.
The Prime Minister outlined that the benefits for Australia would include:
- tariffs of up to 300 per cent eliminated on many Australian agricultural exports such as beef, wheat, sugar, dairy, wine, horticulture and seafood
- tariffs eliminated on resources, energy and manufactured goods
- new opportunities for Australian services in education, telecommunications, and a range of professional services, including financial, accounting and legal services.
Public release of KAFTA text
Australian and Korean Chief Negotiators met in Canberra on 10 February 2014 to initial the final text of the Korea-Australia Free Trade Agreement (KAFTA), following the conclusion of negotiations in December 2013.
The text of the Korea-Australia Free Trade Agreement (KAFTA) was released by the Trade and Investment Minister on 17 February 2014.
Media release: Public release of Korea-Australia FTA text, 17 February 2014