Korea-Australia FTA to be effective on Dec. 12

A free trade agreement between South Korea and Australia will go into effect next week, the South Korean government said Thursday, two days after the deal was ratified by the South Korean parliament.

“The government exchanged letters with Australia on Dec. 3 (saying) that the countries’ domestic procedures have been completed, and agreed to enact the Korea-Australia FTA from Dec. 12,” the Ministry of Trade, Industry and Energy said in a press release.

The Korea-Australia FTA will be South Korea’s 10th free trade deal to go into effect. The country has recently signed FTAs with three other countries, including Canada, whose bilateral FTA with South Korea will likely go into effect at the start of next year.

“The government is working to enact the Korea-Canada FTA on Jan. 1,” the ministry said.

The Korea-Australia FTA was signed in April after seven rounds of negotiations since the first round was held in May 2009.

Negotiations for the Korea-Canada FTA were first held in May 2007. The agreement was signed in September after 14 rounds of negotiations. (Yonhap)