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South Korea - Upcoming FTA offers new export opportunities

During the visit to South Korea this April, Prime Minister Julia Gillard said she was confident Australia will have a Free Trade Agreement with South Korea by the end of the year.

The Republic of Korea is Australia's fourth-largest export market and fourth-largest overall trading partner. The coming Free Trade Agreement will present new opportunities to deepen and expand the trade relationship with South Korea.

The Korean Government has placed substantial effort in creating an improved trade and investment climate, significantly opening up its economy to foreign investment - which is modernising the economy and creating many business opportunities.


Australian exports to South Korea

Australian exports to Korea mainly consist of primary produce. However there is considerable opportunity for export market expansion in areas such as automotive, biotechnology, building and construction, dairy, defence, fruit and vegetables, information and communications technology, seafood, textiles and clothing and wine.


About South Korea

South Korean economy is the 11th largest economy in the world and the third largest in Asia. South Korea’s economical growth in the last 60 years has been incredible; its GDP has grown from USD 100 in 1963 to over 20,000 in 2007.
The South Korean economy was further boosted in 1988, thanks to the Summer Olympics and in 2002 because of the Football World Cup, hosted in South Korea and Japan which resulted in a significant boost to the services sector (accounting for 55% of the country’s GDP).

In recent decades South Korea developed significant light industry, consumer products (in particular, IT and technology) and heavy industry. The manufacturing sector accounts for more than 40% of the country’s GDP.

South Korean industries include: the textile and steel sectors; shipbuilding; car manufacturing and electronics (especially semiconductors, of which South Korea is the world’s largest producer).

South Korea imports mainly mineral fuels, electric and mechanical equipment, iron and steel.  

 

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