December 6, 2013

Australia-South Korea FTA sees gradual elimination of cattle export tariff

The finalisation of a Free Trade Agreement (FTA) between Australia and Korea will result in a gradual reduction of tariff on Australian cattle exports over fifteen years to 0%.

Under the agreement, tariffs will be eliminated on Australian agricultural exports to Korea, including wheat, sugar, dairy products, wine, horticulture and seafood, as well as resources, energy and manufactured goods.

Notably, tariffs on Australian beef exports to South Korea - the top three export market - will be reduced to zero over 15 years under this agreement, the same deal offered to the US.

Cattle Council President, Andrew Ogilvie, says "Korea is an integral market for Australian beef producers. Cattle Council applauds the current government's commitment to finalising this agreement, and the negotiations had been languishing for some time and needed reinvigorating."

"I applaud Prime Minister Abbott's government for demonstrating their commitment to concluding this agreement, which is not only vital to the Australian beef industry, but vital to Australian Agriculture as a whole," said Ogilvie.