Trade deal to see tariffs on exports to Korea slashed
TARIFFS on Australian exports to Korea will be slashed under the terms of a free trade deal struck with the Asian nation.
Trade Minister Andrew Robb on Monday released the full terms of the FTA with Australia's third-largest export market.
The deal includes the removal of duties on 84% of Australian exports to Korea when the agreement comes into force.
It will also see the eventual removal of Korean tariffs on 99.8% of Australian exports to the country, while Korean car manufacturers are expected to benefit from more generous terms.
Mr Robb said the agreement was also "particularly strong for Australian farmers", by eliminating tariffs worth more than 550% in "some cases" on exports across beef, sugar, wheat, wine and seafood.
While the deal has not yet been signed, the public release of the terms of the agreement mark a significant step towards sealing the FTA.