Australia seals free trade agreement with South Korea
SYDNEY (AFP) - The Australian government on Thursday announced it has secured a free trade agreement with Asian giant South Korea after four years of negotiations.
South Korea is Australia's third-largest export market and Prime Minister Tony Abbott said the deal would see tariffs of up to 300 per cent gradually eliminated on key Australian agricultural exports such as beef, wheat, sugar and dairy.
Tariffs will also go on resources, energy and manufactured goods, while the deal will open the door to new market opportunities for Australian services in education and telecommunications.
"As a result of the agreement, tariffs will be eliminated on Australia's major exports to Korea and there will be significant new market openings in services and investment," Abbott said.