After the KAFTA (Korean-Australian Free Trade Agreement) coming into action since 12th December, 2014 enabling the Korean FTA chipping in to boost the Australian exports, it has been a sheer class of masterstroke which has immensely uplifted the tariff-free policy making it easier than ever to export for Australia hence making the trade and investment relationship more concrete with Republic of Korea. Having been three years of KAFTA coming into action, the masterstroke is clearly recognized as a huge impact and is honored by the Australian Minister Steven Ciobo. He also mentioned about the drastic growth KAFTA brought in for them between nine months (January to September) in the field of key agricultural products, beauty and skincare products and bottled wines.
Ever since KAFTA’s arrival, 83% of Australia’s products are tariff-free and it climbed even further in January 2015 through cuts and there will be another heap for the tariff-free policy inaugurating in January 1st, 2018. Stepping towards the last stones of KAFTA, 99.7% of products from Australia will be entering Korea tariff-free. This clearly elevated the investment for Australia on trade (AUD 23.6 bn).
