Korea-Australia FTA drives sugar export growth

DECEMBER 12, 2017: The Korea-Australia Free Trade Agreement (KAFTA) celebrates its third birthday today, which is a cause for celebration for the region’s sugar industry.Exports under the deal continued to grow, and I’m pleased that sugar producers have continued to reap benefits under KAFTA.The landmark agreement which completely eliminated a three per cent tariff on sugar has strengthened our trade and investment relationship with the Republic of Korea and put our sugar industry in pole position to capitalise on a growing market that wants Australian sugar.In the first three quarters of 2017 Korean imports of sugar grew by 22 per cent to $780.1 million.The elimination of a sugar tariff means our sugar exporters have an advantage over their international competitors.The Republic of Korea is our third-largest goods export market and fourth-largest trading partner, and the more they’re exporting from North Queensland, the more local jobs there will be.