April 4, 2007

US, South Korea FTA to impact Australian beef market share
 

Following the sealing of FTA agreement between US and South Korea on April 1, Australia is expected to lose a third of its market share in beef exports in the Korean market.

Australia currently corners 75 percent of Korea's beef market, but the share is expected to fall by 50 percent as the FTA will remove 40 percent tariff on US beef on the next fifteen years.

Meat and Livestock Australia (MLA) says it is about to embark on task force meetings with the South Korean Government.

MLA regional manager in Korea, Glen Feist, says the Australians knew the trade deal was coming and will urge South Korea to also stipulate an agreement similar to what it has conformed to the US.