The Government announced today that it had finalised the FTA with Korea.
This is a major step forward – but there is no information on the timing of the reductions in the 22% tuna tariff into Korea. All they are announcing is that seafood tariffs will be eliminated over 15 years.
Click on the image below for more information from the SBS News website.
The International Commission for the Conservation of Southern Bluefin Tuna met this week to decide on the new quota.
Globally, the quota will rise to nearly 12,500 tonnes, up from 10,949 in 2013.
The 2014 quota for Australia will be just over 5,000 tonnes, an increase of 500 tonnes over last year.
CEO of the Australian Tuna Association, Brian Jeffriess, says it’s an exciting time for the industry.
Positive increases in Southern Bluefin Tuna (SBT) stocks and likely quota increases allow foreign entities looking to invest in the fishery to do so with confidence. Such investment may facilitate industry access to new overseas markets and reduce dependence on the Japanese market. Foreign investment in the Australian seafood industry has occurred recently, likely due to an increased understanding of our quota management system. Securing free-trade agreements with countries such as China and Korea will give Australian primary industries a foundation to see through difficult market conditions in the future, remain internationally competitive and diversify export markets.
A breakfast is being held in Adelaide on 31 October 2013, where presentations will be given on recent South Australian Government activity in China.
For more information, or to register to attend visit South Australia China Strategy.