’Fast track’ Aust-Korea trade agreement: NFF
North Queensland Register
’Fast track’ Aust-Korea trade agreement: NFF
Tuesday, 4 September 2007
On the eve of APEC, the National Farmers Federation is calling on the Government to ‘fast track’ a free trade agreement between Australia and Korea.
Otherwise, the NFF says, we’ll be left behind should Korea and the US ratify their proposed Free Trade Agreement.
A new study reveals Australian agricultural and food exports to Korea could be slashed by 12pc by 2030, in real terms, should Korea and the US ratify their free trade agreement.
The study commissioned by the NFF, undertaken by the Centre for International Economics (CIE), has highlighted:
• The risks to Australian farmers, should the Korea-US FTA be ratified.
• The need for Australia to secure its own bilateral agreement with Korea.
“The CIE’s study starkly highlights a broad trade policy dilemma,” NFF president, David Crombie, said.
“While Australia, and the world, would be infinitely better off with a successful multilateral trade deal from the Doha round, countries are pushing on with their own bilateral deals in the meantime.
“Australia risks being left behind unless we do likewise in Korea," he said.
According to the CIE, beef, dairy, wine and horticulture, especially, would be affected.
The study found that the competitive position of Australia’s agriculture and food sector could be bolstered should an Australia-Korea FTA, with equivalent terms to that of the US deal, be finalised. According to the CIE, a completed agreement would lift Australian agriculture and food exports to Korea by 53pc by 2030, even if the US deal is ratified.
* More information: The CIE study is available online at: http://www.nff.org.au/policy/trade.html
SOURCE: Rural Press national rural news, updated daily by FarmOnline and NFF
