MINERALS COUNCIL WELCOMES AUSTRALIA-KOREA FREE TRADE AGREEMENT

The Minerals Council of Australia welcomes the landmark Free Trade Agreement between Australia and South Korea announced today by Prime Minister Tony Abbott.

South Korea is Australia's third largest export market and minerals resources are Australia's largest export earner at almost 9 per cent of total exports.

Total minerals exports to Korea were valued at around $12.5 billion in 2012-13, with coal ($5.1 billion) and iron ore ($5 billion) the two largest export earners. Korea has been a long-term customer and valued partner of the Australian resources sector. 

When the agreement commences, there will be an immediate benefit to the Australian minerals industry through the elimination of tariffs across a number of commodities. This includes gold, cobalt, and titanium dioxide.

The agreement also sends a powerful signal on the importance of open trade and investment to Australia’s future prosperity. Trade Minister Andrew Robb and his team have chalked up a significant win for Australian exporters.

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