Australia – China Free Trade Agreement
EXPECTED COMMENCEMENT MID-LATE 2015 – To Be Confirmed
Following the conclusion of negotiations, there are a number of steps to be taken before the FTA takes effect. Firstly, the text of the agreement needs to be finalised and signed. The FTA will then be reviewed by a senate committee. Following this, enabling legislation will need to be introduced and passed by parliament.
Simultaneously, China will be undertaking its own treaty making process.
When both countries have completed their domestic processes there will be a diplomatic exchange of notes following which the FTA will take effect on a nominated date. As a guide, these processes usually take 9 – 12 months.
Note: Negotiations over the Korea FTA concluded in December 2013 and the FTA is only about to commence. There was also nine months between the end of negotiations over the Malaysia FTA and its commencement.
Thank you. We will advise of further developments in due course.
Australia – Korea Free Trade Agreement
Trade and Investment Minister Andrew Robb has announced that Australia’s Free Trade Agreement with South Korea will enter into force on 12 December 2014.
The Korea-Australia Free Trade Agreement (KAFTA) was signed in Seoul, South Korea, on 8 April 2014.
KAFTA will enter into force when both Korea and Australia have completed their domestic legal procedures.
** The full text of the KAFTA is available on the :- Department of Foreign Affairs and Trade website.
** Information regarding the Agreement including ‘Instructions and Guidelines’ is available on the ACBPS website at:
http://www.customs.gov.au/site/Korea-Australia-free-trade-agreement.asp
Legislation
· Customs Amendment (Korea – Australia Free Trade Agreement Implementation) Act 2014
· Customs Tariff Amendment (Korea – Australia Free Trade Agreement Implementation) Act 2014
· Customs (Korean Rules of Origin) Regulation 2014
Practice Statement and Instructions and Guidelines
· Practice Statement NO. 2009/13 – Rules of Origin
· Instruction and Guideline – Korea-Australia Free Trade Agreement
http://www.customs.gov.au/site/Korea-Australia-free-trade-agreement.asp
Source: Customs Brokers & Forwarders Council of Australia Inc. – CBFCA