Home > Korean free trade deal would be a boon for beef industry: government

Korean free trade deal would be a boon for beef industry: government

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Parliamentary hearings continued this week into the Korea-Australia Free Trade Agreement (KAFTA).

The KAFTA, which had its negotiations concluded in December last year, would see tariffs removed on agricultural products including beef, wine and sugar.

It is claimed the FTA will provide a 73 per cent increase in agricultural exports.

ABC reports that meetings this week took place in Sydney and Brisbane, chaired by MP Wyatt Roy.

"If we can ratify this treaty before the end of the calendar year, the tariff cuts come into effect much sooner,"he told the ABC.

"For the beef industry, if we can ratify the treaty this year instead of next year, that's an extra $408 million going to the beef industry."

Roy described the benefits to Australia as also including cheaper cars and electronics products.

The AMWU has restated its opposition to the agreement, which it has called “a disaster for manufacturing” and a “cows for cars” deal with the fifth-biggest automobile producer in the world. The 5 per cent tariff on imported cars is set to be removed within three years of commencement.

Korea/Australian trade was worth AU$32.1 billion last year.

Image: http://teximarco.net/

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