Korea-Australia FTA Driving Trade for Mid North Coast Exporters

13 Dec 17

The Korea-Australia Free Trade Agreement (KAFTA) celebrates its third birthday this week, and exporters across the Mid North Coast will be celebrating.

Three years on, tariffs continue to fall under KAFTA as exports continue to grow.

“I’m pleased that Mid North Coast exporters continue to benefit under KAFTA,” Mr Hartsuyker said.

“The landmark agreement has strengthened our trade and investment relationship with the Republic of Korea and put our exporters in pole position to capitalise on a growing market that wants Australian goods and services.”

In the first three quarters of 2017, milk and cream exports to Korea grew by 20 per cent to $4.8 million, fresh cheese exports grew by 49.6 per cent to $20.2 million and goat meat exports grew by 59.9 per cent to $13.9 million.

“The demand KAFTA has created for our agricultural goods is creating new jobs and driving economic growth,” Mr Hartsuyker said.

“Businesses are expanding and employing more people to keep up with the demand KAFTA is creating.

A fifth round of KAFTA tariff cuts will occur on 1 January 2018, delivering yet another boost for Mid North Coast exporters.

“These further tariff cuts mean exporters on the Mid North Coast have an advantage over their international competitors,” Mr Hartsuyker said.

“The Turnbull Coalition Government is pursuing an ambitious trade agenda and more agreements like KAFTA to create new opportunities for our exporters.

“The more we export from the Mid North Coast, the more jobs for locals that will be created.”

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