Australia’s beef industry welcomes Korea FTA
12/12/2013
“The successful negotiation of an FTA with South Korea that is equivalent to the US in terms of tariff reductions, and sees the removal of the current 40% tariff over 15 years, has been a priority for the Australian beef industry for a number of years,” said South Korea Taskforce spokesman Stephen Kelly, adding that it will potentially save the industry $1.25 billion over the period.
“However, the fact that the US secured their FTA in 2012 means there will always be a tariff differential between Australian and US product of up to 5.3%,” he said.
In 2012-13 Korea was Australia’s third most valuable export market with 137,695 tonnes of beef worth A$704m exported. Australia supplied about half of Korea’s beef.
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