LOBBY group the Cattle Council of Australia is looking forward to boosting beef exports to South Korea, following the reduction of tariffs as part of the Korean and Australian Free Trade Agreement.
Under the deal, tariffs for beef exports to South Korea tumbled from 40% to 26.6% as 2017 faded into 2018.
The tariff reduction came as a result of the fifth round of free trade agreement negotiations that took place in May 2010, resulting in the KAFTA.
South Korea is a significant market for Aussie beef with about 109,000 tonnes of the meat exported in 2017, according to the Cattle Council.
Cattle Council president Howard Smith said, “KAFTA is a success story for the Australia beef sector, as it producers with greater access to one of Australia’s most important international trade markets”.
The Council attributes the increase in demand for Australian beef in South Korea to consumer appreciation for quality beef; strong economic and population growth; and restrictions on imports from other beef-producing markets.