‘The second meeting of the Korea-Australia Free Trade Agreement (KAFTA) Joint Committee was convened in Lima, Peru on 17 November 2016 in the margins of the APEC Ministerial Meeting. The meeting was co-chaired by the Minister for Trade, Tourism and Investment of Australia, Steven Ciobo and the Minister of Trade, Industry and Energy of the Republic of Korea, Hyunghwan Joo.
The Co-Chairs welcomed the smooth implementation of KAFTA over its first two years. They highlighted the growth in the two-way goods and services trade, in particular in key products, such as Korean passenger and goods vehicles and Australian agricultural products, and resolved to continue encouraging Australian and Korean businesses to maximise opportunities under the Agreement.
In view of the smooth implementation of the KAFTA to date, the Joint Committee agreed to maintain its pragmatic approach to managing the committees and working groups established under the Agreement. Both sides reaffirmed a commitment to transparency on the implementation of KAFTA and agreed to continue to consult with businesses in advance of the KAFTA committee meetings and to report outcomes.
Both sides shared their concerns over the slow growth in trade and investment globally and committed to enhance an open world economy by working towards trade and investment facilitation and liberalisation. The Co-Chairs discussed recent trade policy developments and welcomed the close cooperation between both countries in relevant international forums, including the WTO, APEC and the G20. They underscored the benefits of continuing to work together to conclude negotiations on the Regional Comprehensive Economic Partnership Agreement and shared perspectives on the Trans Pacific Partnership (TPP) Agreement and ways to adapt to new challenges for global trade, such as Brexit.
The next Joint Committee meeting will be held in 2017 on a date yet to be determined.’
Source: KAFTA Joint Committee Statement, Department of Foreign Affairs and Trade