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The Australia-Korea economic relationship and prospects for an FTA

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  • The Australia-Korea economic relationship and prospects for an FTA
  • Harvie, Charles
  • The Association of Korean Economic Studies


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Title The Australia-Korea economic relationship and prospects for an FTA
Similar Titles
Material Type Articles
Author(English)

Harvie, Charles

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2004
Journal Title; Vol./Issue The Journal of the Korean Economy:vol. 5(no. 2)
Pages 36
Subject Country Australia(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Holding AKES

Abstract

Since the 1960s, trade opportunities based on complementary economies have driven the Australia-Korea economic relationship. Australia exported raw materials, principally minerals and energy, which Korea processed and subsequently sold on domestic and international markets. In return, Australia purchased increasing volumes of Korean manufactures, initially textiles, clothing and footwear and later automobiles. With the onset of the financial and economic crisis in Korea during 1997-98, trade and investment opportunities were severely constrained. However, in the wake of the crisis, and the rapid recovery of the Korean economy underpinned by corporate and financial sector reforms, trade and investment opportunities in traditional areas have re-emerged as well as in new areas. Australia’s rapid economic growth has also increased demand for the sorts of consumer products produced by Korea. It is, therefore, opportune to consider the benefits, and obstacles, to the establishment of an Australia-Korea Free Trade Agreement. (The rest omitted)