The South Korean government expects to sign a bilateral free trade agreement with Australia this week, after four years of negotiations.
The deal is expected to eliminate tariffs on a wide range of manufactured goods, from 5% at present, giving South Korean manufacturers of automobiles, domestic appliances and electronic goods improved access to the Australian market.
Go deeper with GlobalData
The deal comes after Toyota became the last high volume vehicle manufacturer in Australia to announce the closure of vehicle assembly operations, in 2017. This means that there will no longer be a significant local vehicle industry to protect in Australia.
Australia will gain improved access to South Korea’s education and telecommunications services markets and tariffs will also be eliminated on a wide range of agricultural products.
