Our Australian clients have noted that they hope that Australia and Korea can complete an FTA soon, since they are now at a stark disadvantage to lower cost and now lower tariff American products.
Australia has been benefited greatly by the Mad Cow Farce and it aggressive advertising in Asian markets, including Korea. Korea is, now, Australia’s third-largest importing country of beef and a major importer of dairy, agricultural and wine products. Many of the beef cuts exported to Korea are high-margin cuts with low value in the West and in the Pacific, because of Korea’s unique valuation of cuts.
The implementation of the KOR-US FTA has led to the reduction in the 40% tariff on beef by 2.5%. The tariff will be further reduced over the next five years.
What do you think – will Australia pen a FTA with Korea?
- Korea Needs a Rugby Team: Sports as a Driving Force for Economic Growth in Advanced Economies like Korea by Daniel Gardner
- Global Innovation Index: Korea Scores 14th in World
- U.S. Imposes Steel Tariff on Korean Imports
- Korean Tax Incentives for 2020: Korean Tax Law Updates
- Is Korea Heading into a Recession? A Winnowing out Process by Tom Coyner
- Definition of “Ordinary Wage” in Korea: Korean Employment & Labor Law Basics
- Korean Intellectual Property Protection Strategies in Korea: Trademark Law Korea
- Corruption and the Sinking Korean Ship by Tom Coyner
- Tax Incentives May Decrease for Foreign Companies doing Business in Korea: Tax Law Updates
- Korean Cryptocurrency Case Filed to the Korean Constitutional Court: Korean Bitcoin Updates