Korea is Australia’s third largest export market, ahead of India and the USA. It is also Australia’s fourth largest two-way trading partner. (Source: Department of Foreign Affairs and Trade, DFAT country profile 2013 18 Mar 2015)
With a population of 50 million and a gross domestic product (GDP) per capita of more than US$24 000, (Source: Department of Foreign Affairs and Trade, DFAT country profile 2013, 18 Mar 2015). Korea is the 12th largest economy in the world and the fourth largest in Asia. (Source: Central Intelligence Agency, CIA country profile 2013, 18 Mar 2015)
to the International Monetary Fund, the country’s economic growth is projected to accelerate from 3.7 per cent in 2014 to four per cent in 2015, one of the highest growth rates of all advanced economies. (Source: International Monetary Fund, Regional Economic Outlook Asia and Pacific Apr 2014)
The government is undertaking a number of initiatives to address the nation’s long-term economic and social challenges such as an ageing population, food security, acute energy requirements and a need to internationalise its workforce.
This offers major prospects for Australian firms to supply Korea with the goods and services it requires during this time of significant change. The Korea-Australia Free Trade Agreement (KAFTA) strengthens these opportunities by improving market access for Australian companies, creating new service opportunities, enhancing protection for investors in Korea and safeguarding competitiveness in this large market.
Under KAFTA, tariffs have been eliminated on 84 per cent of Korea’s imports (by value) from Australia. On full implementation of KAFTA, 99.8 per cent of Australian exports will enter Korea duty free.
More information on doing business in the Republic of Korea