Korean free trade deal would be a boon for beef industry: government

Parliamentary
hearings continued this week into the Korea-Australia Free Trade Agreement
(KAFTA).

The KAFTA, which had its negotiations concluded in December last year, would see
tariffs removed on agricultural products including beef, wine and sugar.

It
is claimed the FTA will provide a 73 per cent increase in agricultural exports.

ABC reports that meetings this week took place in Sydney and Brisbane, chaired by
MP Wyatt Roy.

“If we can ratify this treaty before the
end of the calendar year, the tariff cuts come into effect much sooner,”he told the ABC.

“For the beef industry, if we can ratify
the treaty this year instead of next year, that’s an extra $408 million going
to the beef industry.”

Roy described the benefits to Australia as also
including cheaper cars and electronics products.

The AMWU has restated its opposition to the
agreement, which it has called “a disaster for manufacturing” and a “cows for
cars” deal with the fifth-biggest automobile producer in the world. The 5 per
cent tariff on imported cars is set to be removed within three years of
commencement.

Korea/Australian trade was worth AU$32.1 billion last year.

Image: http://teximarco.net/