Australian Embassy
Republic of Korea
Embassy address: 11th Fl, Kyobo Building, 1 Jongno 1-Ga, Jongno-Gu, Seoul - Telephone: 02 2003 0100
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Korea and Australia Growing Together
Good news for the Jeolla Provinces
Australia and Korea share an important and mutually beneficial partnership. For decades, Australian raw materials have fuelled Korean heavy industry and underpinned the growth of companies in the Jeolla region like POSCO.
An FTA with Australia would help boost the key trade linkages between Australia and the Jeolla provinces. It would also promote Australian investment in the Jeolla provinces, and improve market access for Korean companies in Australia. Jeolla’s key agricultural industries would not be threatened.
Securing Cheaper Resources
In the era of increasing global demand for resources, an FTA with Australia would further deepen the strong linkages between Australian resource companies and Korea.
The economic structure of the Jeolla provinces is rapidly evolving, with the region now experiencing industrial growth in major urban centres like Gwangju and Jeonju. An FTA between Australia and Korea would provide Jeolla’s emerging industrial sector with a competitive advantage in accessing Australia's raw materials/energy exports and sophisticated manufactures and services.
Promoting Investment
An FTA with Australia would boost Australian investment in the Jeolla provinces. Already, Australia’s Macquarie Bank is providing finance in the Jeolla region for the Gwangju 2nd Beltway Section 1 and 3.
Australia already has strong links with the Gwangyang Free Economic Zone through POSCO. An FTA with Australia would raise the profile of this zone and help attract investment.
Improved Market Access
The textile and motor vehicle industries in Gwanju currently face tariffs in Australia of 18 per cent and 10 per cent, respectively. Tariff reductions under an FTA would give Jeolla region exporters a competitive advantage in Australia, as Australia’s existing FTAs substantially reduce or eliminate tariffs on almost all items. Tariff reductions would also provide a direct benefit to Jeonju’s food processing, textile, paper, plastics, and tyre producing companies.
Given our significant economic complementarities and already substantial economic ties, an FTA would deliver substantial gains for both Australia and the Jeolla provinces.
Australia does not threaten Jeolla’s Agriculture Sector
An FTA with Australia would not threaten agriculture in the Jeolla provinces, which is recognised as the major agricultural production region in Korea. Australia only accounts for 0.2 per cent of world rice production and under the Minimum Market Access arrangement, Australia has been allocated an annual quota of 9,040 tonnes of rice from 2005 (less than one full shipload). The MMA arrangement will remain in place until 2014.
An FTA with Australia would not threaten Jeolla’s key pulse, potato and fruit industries as Australia is in the southern hemisphere and is counter-seasonal to Korea. Under an FTA, Australian fruit and vegetables would complement, rather than compete with, the Jeolla region’s products.
Good news for the Jeolla Provinces
Australia and Korea share an important and mutually beneficial partnership. For decades, Australian raw materials have fuelled Korean heavy industry and underpinned the growth of companies in the Jeolla region like POSCO.
An FTA with Australia would help boost the key trade linkages between Australia and the Jeolla provinces. It would also promote Australian investment in the Jeolla provinces, and improve market access for Korean companies in Australia. Jeolla’s key agricultural industries would not be threatened.
Securing Cheaper Resources
In the era of increasing global demand for resources, an FTA with Australia would further deepen the strong linkages between Australian resource companies and Korea.
The economic structure of the Jeolla provinces is rapidly evolving, with the region now experiencing industrial growth in major urban centres like Gwangju and Jeonju. An FTA between Australia and Korea would provide Jeolla’s emerging industrial sector with a competitive advantage in accessing Australia's raw materials/energy exports and sophisticated manufactures and services.
Promoting Investment
An FTA with Australia would boost Australian investment in the Jeolla provinces. Already, Australia’s Macquarie Bank is providing finance in the Jeolla region for the Gwangju 2nd Beltway Section 1 and 3.
Australia already has strong links with the Gwangyang Free Economic Zone through POSCO. An FTA with Australia would raise the profile of this zone and help attract investment.
Improved Market Access
The textile and motor vehicle industries in Gwanju currently face tariffs in Australia of 18 per cent and 10 per cent, respectively. Tariff reductions under an FTA would give Jeolla region exporters a competitive advantage in Australia, as Australia’s existing FTAs substantially reduce or eliminate tariffs on almost all items. Tariff reductions would also provide a direct benefit to Jeonju’s food processing, textile, paper, plastics, and tyre producing companies.
Given our significant economic complementarities and already substantial economic ties, an FTA would deliver substantial gains for both Australia and the Jeolla provinces.
Australia does not threaten Jeolla’s Agriculture Sector
An FTA with Australia would not threaten agriculture in the Jeolla provinces, which is recognised as the major agricultural production region in Korea. Australia only accounts for 0.2 per cent of world rice production and under the Minimum Market Access arrangement, Australia has been allocated an annual quota of 9,040 tonnes of rice from 2005 (less than one full shipload). The MMA arrangement will remain in place until 2014.
An FTA with Australia would not threaten Jeolla’s key pulse, potato and fruit industries as Australia is in the southern hemisphere and is counter-seasonal to Korea. Under an FTA, Australian fruit and vegetables would complement, rather than compete with, the Jeolla region’s products.