Australia and Korea Commence FTA Study

Australian Government Minister for Trade, Warren Truss, today announced that a leading consultancy on international trade will be the Australian participant in a major study into a potential Australia-Korea free trade agreement.

Mr Truss said ITS Global (ITS) is well-positioned to act as the Australian partner in the non-government study which was announced by the Korean President Roh Moo-hyun and Prime Minister John Howard during the President’s recent visit to Australia. ITS has trade experts and associates with wide experience in trade law and trade policy, particularly in the Asia Pacific region.

“ITS advise on tariffs, subsidies, technical barriers to trade, services, dumping, quarantine, customs valuation, dispute settlement and the environment.

“Negotiating an FTA with the Republic of Korea remains a priority for the Australian Government.

“The Republic of Korea is Australia’s third-largest merchandise export market - with exports growing by more than 12 per cent in 2006. With the commencement of this study, we now have a free trade agreement or an FTA-related process underway with all of Australia’s biggest trading partners,” Mr Truss said.

“The non-government study will cover all aspects of the bilateral economic and trading relationship, and will serve in the first instance as the basis for discussions between officials to make recommendations to both governments on next steps.”

Mr Truss said that besides ITS’ own highly-qualified staff, the Monash Centre for Policy Studies will provide expertise in econometric modelling.

“Professor O Yul Kwon, Director of the Australian Centre for Korean Studies at Griffith University, will also provide expert advice on Korean trade and investment,” he said.

Work on the joint study will commence shortly, with the Australian and Korean participants to meet later this month to discuss the detailed work on the study.

Media Inquiries: Minister Truss' office 02 6277 7420 - Departmental Media Liaison 02 6261 1555