The Cattle Council of Australia has welcomed the reduction of tariffs for beef exported to Korea from Australia, effective from the 1st January this year.
This reduction in tariffs, from 40% to 26.6% is the result of the fifth round of Free Trade Agreement (FTA) negotiations between Australia and Korea which took place in May 2010.
The Korean and Australian Free Trade Agreement (KAFTA) substantially liberalises Australia’s trade with Korea, which is Australia’s fourth-largest trading partner.
Korea is also one of Australia’s significant beef markets with approximately 109,000 tonnes of Australian beef exported to Korea in 2017.
This increase in demand for Australian beef in Korea has been attributed to consumer appreciation for quality beef; strong economic and population growth; and restrictions of imports from other beef producing countries.
Cattle Council President Howard Smith said KAFTA was a success story for the Australian beef sector as it provides producers with greater access to one of Australia’s most important international trade markets.
Cattle Council would like to acknowledge and thank both the Department of Agriculture and Water Resources and the Department of Foreign Affairs and Trade and Industry for their continued efforts in developing the FTA.