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510:
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screening threshold for Korean investors in non-sensitive sectors has been loosened by
Australia. The agreement also stipulates provisions to ensure "non-discrimination, and protection and security for investments". to enhance protection and certainty for Australian and Korean investors. Additionally, the Australian government in the FTA has altered the screening threshold for private Korean investors in "non-sensitive" sectors from 252 million AUD to $ 1.134 billion AUD. A key clause which has been an outcome of merit for the KAFTA agreement is the establishment of a "negative list" regime which simply presumes that a financial service is allowed "unless specifically prohibited and commits Korea to allow new financial services it would permit its own financial institutions to provide."
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12th, 2016, firms were given permission under the FTA to "enter into cooperative agreements with local law firms". The agreement also stipulates that
Australian firm may establish joint ventures and hire local lawyers. For Australian Accountants, KAFTA has made it possible for them to establish offices in Korea and to provide consulting services on both international and Australian accounting laws in Korea. The agreement stipulated that by 12 December 2019, Australian accountants were able to work and invest within accounting firms in South Korea. KAFTA has enabled Australian
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agricultural goods. Similarly South Korean
Attitudes have been overall positive with Migration and education enriching the relationship between the two nations in the years since KAFTAs signing. Strategically, South Korea sits in a precarious position and the security relationship formed through KAFTA and diplomatic alignment has been a positive influence strategically for South Korea. Leading President Moon Jae-in to describe Australia as Korea's "everlasting friend and partner".
26:
614:
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discussions, training exercises and industry cooperation is increasing between
Australia and the ROK since KAFTAs inception. Similarly, the round of biennial foreign and defense minister meetings in 2019 placed emphasis on a "common strategic outlook". The signing of KAFTA has contributed to the recognition of Australia and the ROKs relationship being elevated to Comprehensive Strategic Partnership.
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978:
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market for
Australia's agricultural industry. KAFTA has also been viewed positively by Australians because Australian's stands to benefit from a robust South Korea more than many due to strong two-way merchandise trade, services trade and direct investment growth as well as the growth of people-to-people links formed by KAFTA.
90:
233:, Australia and Korea have "one of the strongest and most complementary trading relationships in the Asia-Pacific region. The Korea-Australia Free Trade Agreement (KAFTA) reduces trade and investment barriers, making it easier for Australians to do business with Korea – our 4th largest trading partner."
476:
suggesting
Australia's free trade agreement with South Korea should be scrutinized in greater depth. Citing a clause in the agreement which grants the Korean Government the right to reimpose large tariffs on Australian beef if exports grow by more than 2% a year. Similarly, Liberal backbencher at the
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have benefited from a larger access to Korean products, creating a positive attitude within the existing Korean population in
Australia towards the agreement. Australian attitudes are also positive due to agricultural exports like beef, nuts and Brussels sprouts steadily increasing, creating a larger
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sectors to increase their capacity in the Korean market due to "commitments to guarantee existing market access for
Australian providers and work towards improving mutual recognition of qualifications." In May 2015, Engineers Australia signed an agreement with the Korean Government which enhanced the
403:
KAFTA has provided
Australian services exporters with preferential treatment in the Korean market, benefiting sectors including finance, legal, telecommunications and education. Outcomes include law and accounting firms have the capacity to establish representative offices in the ROK. On the December
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were eliminated on Korean importation of raw sugar, bottled wine, wheat and some horticulture. Australia's beef industry has benefited from KAFTA with the ROK progressively reducing the 40 per cent tariff on beef by
January 1, 2028. Australia's dairy industry has also seen benefits, receiving duty
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has underlined relations between Australia and the ROK, Korean migration to Australia began around the 1970 and has since increased over the decades with the population of Korean immigrants growing from 60 in 1970 to approximately 72 963 people of Korean ethnic origin having migrated under various
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In 2014 KAFTA elevated the status of the economic relationship between South Korea and Australia, with South Korea becoming Australia's fourth largest trading partner as a result. Economically this has created a positive sentiment in the Korean market, with greater access to Australian mining and
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Attitudes towards the KAFTA free trade agreement have been both positive and concerned since its signing. The Australian Embassy in South Korea reported that after a year of the FTA, "it is already making a big impact", Citing statistics that Koreas exports to Australia rose by 7.5%. Similarly,
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within and between Australia and South Korea. It encapsulates the majority of KAFTAs provisions regarding the financial sector, including National Treatment, which relates to the way in which each nations financial institution shall accord to investors of the other nation with treatment no less
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and origin procedures within the KAFTA agreement. Rules of Origin and Origin Procedures are criteria which determine the origins of a good as well as the general requirements and conditions for a good to be traded as something that originated from a nation. The provisions of Rules of Origin and
443:
region, Australia and the ROK share strategic interests and have served in conflicts and peace keeping exercises in relation to non-proliferation of weapons of mass destruction as well as events on the Korean peninsula that have threatened regional security. The frequency and tempo of military
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KAFTA has improved prospects for Australian investors/investments in Korea and Korean investors/investments in Australia. The FTA denotes that the ROK through the progressive reduction of market access barriers will provide greater entry for Australian's into the Korean market, similarly, the
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Whilst an FTA is principally economic in nature and an arrangement for liberalized trade, it often triggers security implications. The signing of KAFTA also underlines the shared security concerns of both Australia and Korea in the Indo-Pacific and the Korean Peninsula. Being two significant
311:
In this section, the above objectives are attained by the provision of transparency measures, the harmonization of documents and data elements, the use of Automated Systems in the Paperless Trading Environment, Appeal Procedures, all of which are encapsulated by the KAFTA agreement.
391:
free quotas for cheese, butter and infant formula. The manufacturing, resources and energy sectors of Australia's economy have benefited as well, with the removal of all tariffs on their export to Korea progressively phasing out by January 1, 2023, these include tariffs on
249:
Chapter 2 of the KAFTA agreement outlines the provisions of the agreement regarding "Trade in goods". The articles under this section outline the way in which trade can be conducted under the free trade agreement that is KAFTA. For example, article 2.3 'Elimination of
221:
led a trade delegation to Japan, South Korea and China. The three economies accounted for more than half of all of Australia's two-way trade. On the South Korean leg of the mission, Abbott signed the Australia Korea Free Trade Agreement (KAFTA) with the government of
353:, building on top of already existing relationships in the political and business world between the two states to support mutual development and economic growth. This section on cooperation places large emphasis on cooperation in the industries of agriculture and
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Commission on Korea (1947) and during the Korean War (1950–53), with approximately 17000 Australian soldiers serving to aid the ROK during the Korean War . 1961 saw the establishment of full diplomatic relations between Australia and the ROK with The ROK
254:' outlines that 'neither Party shall increase any existing customs duty, or adopt any new customs duty, on an originating good.' As well as that 'each Party shall progressively eliminate its customs duties on originating goods.' Similarly, article 2.9 '
216:
and Korean Trade Minister Yoon Sang-jick, concluded negotiations on the Agreement in early December 2013 and the legally verified text of the agreement was initialed by Chief Negotiators on 10 February 2014. In April 2014, the Australian Prime Minister
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Origin Procedures within The KAFTA Agreement are outlined in this section and set the precedent for "Originating Goods", "Wholly Obtained Goods", and the "Regional Value Content". This section also provisions Origin Procedures including the "
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categories including skilled and business migration. This shared bilateral history of Australia and Korea culminated over the five-year negotiation period of KAFTA, encompassing all aspects and provisions of the FTA, beginning with the
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began on the 25 June 1950, Australian involvement in the Korean region was very limited, with the first documented contact between Korea and Australia occurring in 1889 when a group of missionaries from Australia arrived in
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The objective of the section on Cooperation within the KAFTA FTA is to facilitate bilateral cooperation and promote an exploration of new cooperative activities between Australian and South Korea in the fields of
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in June 1962, with 2021 marking the 60th anniversary of full diplomatic ties between Australia and the ROK. The economic link between Australia & the ROK was also forged in the 1960s, when the ROK's rapid
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760:
509:
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283:", "Authorized Bodies", "Discrepancies and Variations" as well as "Record Keeping Requirements", which are deemed essential by both nations in maintaining a productive trade relationship.
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Similarly, the Minimum Standard of Treatment clause within the Investment provision notes that "Each Party shall accord to covered investments treatment in accordance with the customary
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due to President Park Chung-Hee series of five-year plans required vast amounts of raw materials that could be supplied by Australia in substantial quantities. Historically,
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of any good to the territory of the other Party, unless the duty, tax or charge is also adopted or maintained on the good when destined for domestic consumption.'
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with the establishment of a joint Committee on Agricultural Cooperation as well as a joint Committee on Energy and Mineral Resources Cooperation.
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Ensure predictability, consistency and transparency in the application of customs laws, regulations and administrative procedures of the Parties.
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The objective of the provisions under the section Customs Administration and Trade Facilitation are to for both Australia and South Korea:
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200:. Korea is now Australia's fourth largest trading partner and shares a variety of economic, strategic and political interests in the
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485:, a large agricultural electorate, criticised the FTA for failing to deliver reductions on a variety of Australian food exports.
112:. The agreement, which came into effect on the 12th of December 2014 provides Australian goods exporters, service providers and
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status and the establishment of the first Korean ambassador in April 1962. Similarly, Australia established its embassy in
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395:(LNG), unwrought aluminum and automotive parts. Tariffs on Australian pharmaceutical products have also been eliminated.
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minimum standard of treatment of aliens, including fair and equitable treatment and full protection and security."
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Mr Andrew Robb, Minister for Trade and Investment & Mr Yoon Sang-jick, Minister for Trade, Industry and Energy
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Due to KAFTA's provisions, around 99 per cent of goods exported from Australia to Korea are authorized to enter
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869:"Memorandum D11-5-15 - Canada–European Union Comprehensive Economic and Trade Agreement (CETA) Rules of Origin"
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or Other Charges' outlines that 'Neither Party shall adopt or maintain any duty, tax or other charge on the
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161:. Bilateral relations between Australia and the ROK were fostered by both Australia's involvement in the
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1193:"Australia and South Korea ties will be elevated to the status of Comprehensive Strategic Partnership"
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designed to spur globalisation efforts and industrial development in Korea following the end of the
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Yu, H.S. (2011). "The Korea-Australia Free Trade Agreement and Its Security Implications".
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1291:"Australia's free trade agreement with South Korea should be scrutinised | Penny Wong"
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Promote cooperation between the customs administrations of Australia and South Korea.
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104:) is a bilateral agreement seeking to reduce trade and investment barriers between
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This section provides an overview of the key provisions of KAFTA including:
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corporateName=Commonwealth Parliament; address=Parliament House, Canberra.
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615:"More than Old Friends? Narrative in Australia's Relationship with Korea"
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1121:"Investor-State dispute settlement under the Korea-Australia Free Trade"
645:"The Korea-Australia Free Trade Agreement and Its Security Implications"
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in Seoul on 8 April. The agreement came into force on 12 December 2014.
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in 2009 and concluding under the Australian Liberal Party Government of
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Government of Canada, Canada Border Services Agency (17 October 2017).
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714:"An Analysis of FTA-Centered South Korea-Australia Economic Relations"
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and/or with preferential access. For Australia's agricultural sector,
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Comprehensive and Progressive Agreement for Trans-Pacific Partnership
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1230:"Friends in need: realigning the Australia-South Korea partnership"
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ROK-Australia Foreign Ministers bilateral meeting, 13 October 2017.
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775:"Australia signs free trade agreement with South Korea in Seoul"
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Monthly value of South Korean merchandise exports to Australia (
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Monthly value of Australian merchandise exports to South Korea (
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recognition of Australian engineering professionals in the ROK.
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This section of provisions relates to the protocols surrounding
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
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Text was copied from this source, which is available under a
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
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Australian Government Department of Foreign Affairs and Trade
674:"Chapter 1 Australia's engagement with the Korean peninsula"
933:"Chapter 4: Customs Administration and Trade Facilitation"
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Simplify the customs procedures of the cooperating states.
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Trade, corporateName= Department of Foreign Affairs and.
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Some Australian attitudes have been more concerned. With
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Ensure the efficient and expeditious clearance of goods.
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Creative Commons Attribution 4.0 International License
781:. Australian Broadcasting Corporation. 8 April 2014.
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favorable than that it accords to its own investors.
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Australian Department of Foreign Affairs & Trade
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897:"Chapter 3: Rules of Origin and Origin Procedures"
120:market. The trade agreement stems from decades of
320:The section covers the provisions pertaining to
1992:Korea Minting and Security Printing Corporation
753:"Abbott in China shows skills beyond his years"
589:"Korean War, 1950-53 | Australian War Memorial"
619:The Australian Journal of Politics and History
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287:Customs Administration and Trade Facilitation
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697:: CS1 maint: multiple names: authors list (
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1146:"KAFTA and trade in financial services"
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1178:: 47–67 – via ProQuest Central.
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785:from the original on 1 November 2016.
304:Facilitate trade between the Parties.
270:Rules of Origin and Origin Procedures
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2622:Free trade agreements of South Korea
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1228:Valdman, SquizMat (17 August 2021).
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98:Korea–Australia Free Trade Agreement
2187:Korea Deposit Insurance Corporation
2627:Free trade agreements of Australia
2453:Free trade agreements of Australia
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763:from the original on 15 May 2014.
564:"Republic of Korea country brief"
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2294:Ministry of Employment and Labor
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2617:Australia–South Korea relations
2335:Federation of Korean Industries
2289:Ministry of Economy and Finance
1961:South Korea–Japan trade dispute
803:(Press release). Archived from
1936:Five-Year Plans of South Korea
1607:Australian Securities Exchange
1:
2319:Financial Supervisory Service
2314:Financial Services Commission
2299:Ministry of SMEs and Startups
1941:Heavy-Chemical Industry Drive
1100:www.engineersaustralia.org.au
734:About the Korea-Australia FTA
399:Australian Services Providers
1846:Australia–United Kingdom FTA
1450:Australian Capital Territory
1071:"KAFTA outcomes at a glance"
718:National Chengchi University
536:"KAFTA outcomes at a glance"
1956:1997 Asian financial crisis
1821:Australia–United States FTA
1711:National Electricity Market
843:"Chapter 2: Trade in Goods"
613:Robertson, Jeffery (2017).
2668:
2637:Treaties concluded in 2014
2149:South–North Pipeline Korea
1566:Minerals Resource Rent Tax
1031:"KAFTA and trade in goods"
370:Australian Goods Exporters
212:Australian Trade Minister
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1836:Trans-Pacific Partnership
1816:Australia–New Zealand FTA
1762:Social class in Australia
1571:Passenger Movement Charge
1265:southkorea.embassy.gov.au
999:"Chapter 16: Cooperation"
757:The Sydney Morning Herald
720:– via ResearchGate.
229:According to Australia's
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1946:Miracle on the Han River
1696:Energy efficiency rating
1551:Goods & Services Tax
961:"Chapter 11: Investment"
643:Hyun Seok, Yu's (2011).
134:President Park Chung-Hee
1841:Indonesia–Australia FTA
1261:"Australian Embassy in"
737:, Australian Government
477:time of KAFTAs signing
136:introduced a series of
2642:2014 in Australian law
2406:Economy of North Korea
2380:International rankings
2060:Science and technology
1920:Economy of South Korea
1388:Snowy Mountains Scheme
1363:Banking crisis of 1893
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190:Australian Labor Party
170:in Sydney elevated to
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2309:Fair Trade Commission
2206:Free Trade Agreements
712:To-hai, Liou (2016).
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393:liquefied natural gas
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281:Certificate of Origin
148:Historical Background
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2590:United Arab Emirates
2144:Trans-Korea Pipeline
1752:Poverty in Australia
1344:Economy of Australia
823:14 July 2014 at the
807:on 25 December 2014.
517:millions) since 1988
505:millions) since 1988
453:Australian Attitudes
204:and global spheres.
39:Free Trade Agreement
2647:2014 in South Korea
2282:Government agencies
1831:Japan–Australia FTA
1826:China–Australia FTA
1811:Australia–Korea FTA
1806:Australia–Chile FTA
1767:Wealth in Australia
1747:Income in Australia
1730:Economic conditions
1626:Regulatory agencies
1585:Banking and Finance
1373:Four pillars policy
873:www.cbsa-asfc.gc.ca
799:(3 December 2014).
122:bilateral relations
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2111:Youth unemployment
2040:Financial services
1653:Corporations power
1602:Official cash rate
1506:Telecommunications
1297:. 20 February 2014
818:KAFTA – a snapshot
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1435:Western Australia
1404:Australian dollar
1125:www.allens.com.au
759:. Fairfax Media.
751:(11 April 2014).
430:Regional Security
421:According to the
359:Mineral Resources
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192:Government under
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168:consulate general
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71:12 December 2014
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479:Sharman Stone
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437:middle powers
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256:Export Duties
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252:Custom duties
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224:Park Geun-hye
220:
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208:The Agreement
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27:
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2536:Multilateral
2497:
2402:
2356:Billionaires
2273:Trade policy
2247:
2106:Unemployment
2101:Trade unions
1875:
1863:
1810:
1663:Reserve Bank
1299:. Retrieved
1295:the Guardian
1294:
1268:. Retrieved
1264:
1237:. Retrieved
1233:
1200:. Retrieved
1196:
1175:
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1153:. Retrieved
1149:
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1128:. Retrieved
1124:
1115:
1103:. Retrieved
1099:
1090:
1078:. Retrieved
1074:
1038:. Retrieved
1034:
1006:. Retrieved
1002:
968:. Retrieved
964:
940:. Retrieved
936:
904:. Retrieved
900:
876:. Retrieved
872:
862:
850:. Retrieved
846:
813:
805:the original
797:Robb, Andrew
791:
778:
769:
756:
743:
733:
726:
717:
707:
681:. Retrieved
677:
652:. Retrieved
648:
623:. Retrieved
621:. p. 16
618:
608:
596:. Retrieved
592:
583:
571:. Retrieved
567:
543:. Retrieved
539:
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492:
467:
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441:Asia-Pacific
433:
420:
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381:
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290:
273:
248:
240:
228:
211:
202:Asia-Pacific
151:
118:South Korean
101:
97:
95:
86:
55:8 April 2014
15:
2574:Negotiating
2498:South Korea
2474:New Zealand
2197:Kimchi bond
2013:Agriculture
1987:Won (1962–)
1716:Solar power
1496:Real estate
1466:Agriculture
1008:29 December
970:29 December
942:29 December
906:29 December
878:29 December
852:29 December
749:Kenny, Mark
683:29 December
654:29 December
625:29 December
598:29 December
573:29 December
458:Australian
410:engineering
343:agriculture
336:Cooperation
219:Tony Abbott
214:Andrew Robb
152:Before the
110:South Korea
78:signatories
30:Map Locator
2611:Categories
2561:PACER Plus
2263:Other FTAs
2086:Inequality
2025:Automotive
1721:Wind power
1576:Tax return
1546:Fuel taxes
1471:Automotive
1459:Industries
1430:Queensland
545:6 December
522:References
474:Penny Wong
322:investment
316:Investment
237:Provisions
198:Tony Abbot
194:Kevin Rudd
154:Korean War
142:Korean War
2581:Bilateral
2551:(AANZFTA)
2519:Indonesia
2512:Hong Kong
2494:Malayasia
2478:Singapore
2467:Bilateral
2403:See also:
2368:Companies
2248:Australia
2228:Indonesia
2055:Retailing
1516:Transport
1481:Insurance
1301:4 January
1270:4 January
1239:4 January
1202:3 January
1155:4 January
1130:3 January
1105:3 January
1080:3 January
1040:3 January
472:minister
460:consumers
417:Investors
406:education
384:duty-free
347:fisheries
185:migration
114:investors
106:Australia
68:Effective
2486:Thailand
2460:Existing
2006:Industry
1970:Currency
1865:Category
1538:Taxation
1445:Tasmania
1425:Victoria
1397:Currency
1234:Asialink
821:Archived
783:Archived
779:ABC News
761:Archived
693:cite web
483:Victoria
365:Outcomes
351:forestry
126:security
76:Original
60:Location
2545:(CPTPP)
2361:Chaebol
2268:Exports
2158:Finance
2096:Poverty
2070:Tourism
2050:Markets
2045:Fishing
2035:Defense
1928:History
1877:Commons
1681:Biofuel
1592:Banking
1555:dispute
1511:Tourism
1476:Fishing
1351:History
439:in the
388:tariffs
172:embassy
44:Context
2557:(RCEP)
2253:Canada
2175:KOSDAQ
2134:Energy
2127:Energy
1776:Unions
1673:Energy
1491:Mining
827:; DFAT
355:Energy
264:export
52:Signed
2593:India
2523:India
2508:China
2503:Japan
2490:Chile
2390:Seoul
2258:China
2223:India
2213:ASEAN
2182:Banks
2170:KOSPI
2079:Labor
1521:Ports
470:Labor
260:Taxes
176:Seoul
159:Busan
130:trade
102:KAFTA
19:KAFTA
2515:Peru
2233:Peru
2218:EFTA
2030:Film
1783:ACTU
1643:ASIC
1638:APRA
1633:ACCC
1528:Wine
1303:2022
1272:2022
1241:2022
1204:2022
1157:2022
1132:2022
1107:2022
1082:2022
1042:2022
1010:2021
972:2021
944:2021
908:2021
880:2021
854:2021
699:link
685:2021
656:2021
627:2021
600:2021
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