THE beef industry says a free trade deal with South Korea is critical to restoring Australia%u2019s competitiveness against the US in the key Asian market.
"A free trade agreement with Australia's third largest beef export market, South Korea, marks a significant milestone for the Australian beef industry," Cattle Council of Australia executive director David Inall said.
Australia’s beef trade with South Korea was worth almost $1 billion a year , but the US had been given a leg-up by negotiating its own trade deal with that country.
"Securing import parity for Australian beef in the Korean market is a critical focus for the beef industry,” Mr Inall said.
"Given the US-Korea FTA will see the 40% tariff on US beef being reduced to zero over a 15 year implementation period once the agreement is ratified, it is critical the 40 per cent tariff on Australian beef be re-negotiated,” he said.
The commencement of bilateral tree trade talks was announced yesterday in Canberra by Prime Minister Kevin Rudd and South Korean president Lee Myung-bak.
Trade Minister Simon Crean said South Korea had negotiated or was negotiating free trade deals with the US, the EU, Canada, ASEAN, New Zealand, Chile and others.
“Some of the concessions gained by other countries are a threat to Australian exporters to Korea,” he said. “So it’s crucial for Australia to push ahead quickly with negotiations”.
