Trade minister Andrew Robb speaking during a press conference in Canberra, Monday, Feb 17, 2014. Mr Robb commented on the Korea Australia free trade agreement.
Trade minister Andrew Robb speaking during a press conference in Canberra, Monday, Feb 17, 2014. Mr Robb commented on the Korea Australia free trade agreement. AAP Image - Alan Porritt

Govt releases details of new free trade deal with Korea

THE Federal Government will today release the full details of its free trade agreement with South Korea.

The deal, struck in December last year, is yet to be ratified by either country.

The agriculture sector celebrated the agreement, which will see significant tariff reductions on important commodities in one of Australia's biggest export markets.

The Australian beef industry is the big winner; it is already at a tariff disadvantage with its largest competitor in Korea, the USA, which already has a free trade agreement in place.

The tariff gap between Australia and the US will continue to widen each year unless Australia ratifies its own agreement.

Read more at ABC news online.



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