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Republic of Korea
  • Imports from the Republic of Korea A$10,165 million
  • Exports to the Republic of Korea A$19,599 million
  • Capital Seoul
  • Official Language Korean
  • Area 99,000 sq km
  • Population 50.2 million

Market profile

Insights and opportunities

Korea Australia Free Trade Agreement and Business Opportunities in Korea

Read bio and full transcript

 

Latest news

Latest from Austrade
Korea-Australia Free Trade Agreement to enter into force this month
4 Dec 2014
The Korea-Australia Free Trade Agreement (KAFTA) will enter into force on 12 December opening up new opportunities for Australian companies to do business with the nation’s fourth largest trading part ...
Media releases
Robb announces Korea FTA to take effect in 9 days (Ministerial)
3 Dec 2014
Trade and Investment Minister Andrew Robb has announced that Australia’s Free Trade Agreement with South Korea will enter into force on 12 December 2014.
Latest from Austrade
KAFTA set to benefit Australian film industry
30 Oct 2014
A recently signed bilateral Memorandum of Understanding (MoU) between Screen Australia and the Korean Film Council is set to open up new opportunities for the Australian film industry.
Latest from Austrade
Korea-Australia Free Trade Agreement 'one step closer'
5 Sep 2014
Australia’s Joint Standing Committee on Treaties (JSCOT) has recommended the Government take binding treaty action on the Korea-Australia Free Trade Agreement (KAFTA) in a report tabled in Parliament.

Doing business

Having a basic understanding of Korean culture and business etiquette will encourage better business relationships. One of the most important aspects of Korean society that Australian business people should be aware of is a tendency towards respect for hierarchy, influenced by its strong Confucianist cultural heritage.

More information on doing business in the Republic of Korea

Country Profile

Content supplied by Department of Foreign Affairs and Trade

  • ECONOMIC CLIMATE
    The ROK has made remarkable economic progress in the last half-century. In 2011, the ROK was the 15th largest economy in the world.
    » read more at DFAT
  • TRADE RELATIONS
    Australia and the Republic of Korea are strong economic, political and strategic partners with common values and interests.
    » read more at DFAT
  • FREE TRADE AGREEMENTS
    Minister Robb and his Korean counterpart, Trade Minister Yoon, concluded negotiations on Australia-Korea Free Trade Agreement in early December 2013.
    » read more at DFAT

 

Australia's trade at a glanceAustralia's top ten trading partners

Korea-Australia Free Trade Agreement

Under the KAFTA, Korea will eliminate tariffs on 84 per cent of goods imported (by value) from Australia, rising to 99.8 per cent on full implementation of the Agreement.

More information on KAFTA

icon Business Risk

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government. For more information, go to the AusNCP website.

APEC Business Travel Card Scheme

Managed by the Department of Immigration, the APEC Business Travel Card Scheme was developed to make travelling within the 21 APEC member countries much simpler and more efficient.

Bilateral agreements

Australia has social security agreements with several countries that address the issue of 'double super coverage' for employees sent to work overseas. To take advantage of these agreements, Australian employers sending employees overseas to work must apply to the Tax Office for a Certificate of coverage.

For more details, please visit the Australian Taxation Office website.

IP Passport fact sheets

These fact sheets outline foreign Intellectual Property (IP) regimes and some of the issues and challenges which may be faced by Australian exporters.

The current fact sheets are available on the IP Australia website.

  • International Readiness Indicator

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    Austrade's International Readiness Indicator is an online tool to help Australian businesses determine whether they are ready for exporting.

    International Readiness Indicator

  • How Austrade can help

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