With the G20 Finance Ministers and Central Bank Governors meeting in Sydney on the weekend, the Australian Government had some positive news earlier last week on the international front, releasing details of the Korea-Australia Free Trade Agreement (FTA).
The FTA is expected to formally enter into force at the end of 2014 and importantly, it will make significant changes in key areas including legal, accounting and financial services.
Following the full implementation of the FTA, effectively all of Australia’s exports to Korea will be free from tariffs or other trade barriers. The new commercial opportunities for Australian businesses are potentially significant.
The FTA offers Australian service providers the opportunity to compete in the Korean market on an equal level with competitors from the US, EU and ASEAN countries.
These provisions also seek to promote mutual recognition of professional qualifications and improved residency and business visa access arrangements for Australians.
The Trade Minister’s press release and the full text of the FTA can be accessed.
Robert Jeremenko CTA is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.