The 6

The 6

Trade Policy Review of Australia April 5 and 7, 2011

Statement by the Republic of Korea

Thank you, Mr. Chairman.

Korea would like to thank the Australian delegation for its informative explanation on its trade policy and Ambassador Kwok Fook Seng of Singapore for very pertinent questions and comments. Our thanks also go to the WTO Secretariat for the excellent report.

Australia is one of the most open and liberalized economies in terms of trade policies with its average applied MFN tariff rate of 3.1%. Most remarkably, it unilaterally and substantially reduced tariffs, as of January 1 2010, in the areas of automobile and textile.

The fact that Australia has weathered and overcome the aftershock of the 2008 global financial crisis with relative ease shows the very value of trade-friendly policies at this difficult time for Doha negotiations. In this vein, Korea expects Australia to continue to contribute to the early conclusion of the DDA negotiations, joining efforts of other members including Korea.

Currently, there are ongoing negotiations for Korea-Australia Free Trade Agreement.

We believe that early conclusion of this bilateral FTA will bring substantial liberalization of trade and economic benefits to both countries.

Finally, I would like to express my appreciation for the answers given by Australia to Korea’s written questions. Regarding Korea’s Question 2, Australia’s answer is that its SPS measures are moving to a new system of bio-security. However, the very details of its implementation are seemingly yet to come. In its written answer, Australia itself mentioned the possible increased level of inspection in some areas. More detailed information will be much appreciated. As for Korea’s other questions, we will continue to look at Australia’s written answers and, if necessary, come back with additional questions.

Thank you.