Tariffs cut for Korean beef exports
Tariffs have been reduced for Australian beef exported to Korea.
Tariffs have been cut for Australian beef exported to Korea, effective from January 1 this year.
The reduction in tariffs, from 40 per cent to 26.6 per cent was the results of the fifth round of Free Trade Agreement negotiations between Australia and Korea which took place in May 2010.
The Cattle Council of Australia said the Korean and Australian Free Trade Agreement (KAFTA) substantially liberalises Australia’s trade with Korea, which is Australia’s fourth-largest trading partner.
Korea is also one of Australia’s significant beef markets with approximately 109,000 tonnes of Australian beef exported to Korea in 2017.
The increase in demand for Australian beef in Korea has been attributed to consumer appreciation for quality beef, strong economic and population growth, and restrictions of imports from other beef producing countries.
“KAFTA is a success story for the Australian beef sector as it provides producers with greater access to one of Australia’s most important international trade markets,” Cattle Council President Howard Smith said.