Ministry of Industry , Trade and Korea Resources dated 13/2 announcement countries and Australia representative has initialed a free trade agreement ( FTA ) between the two sides in the Australian capital of Canberra .
According to the announcement , during negotiations , the two countries have agreed to eliminate tariffs on most goods traded within 10 years after South Korea – Australia FTA officially takes effect .
Thus, in future , the commodity wine , nuts and salmon of Australia will be exempt from import duties in South Korea and vice versa , automobiles and household electrical products exported to Australia and South Korea will not taxed .
In agricultural commodities , rice and apples are two of the 158 items ” sensitive ” were excluded from the list of Australian beef are also two sides agreed to eliminate 40 % tax after 15 years .
If formally signed in the first half of this year , Congress then ratified by both parties , the agreement South Korea – Australia FTA will come into force from 2015 . / .