Korea-Australia Free Trade Agreement (KAFTA) scheduled to begin on 01 December 2014
Legislation which gives effect to the Korea-Australia Free Trade Agreement (KAFTA) has been introduced into the Australian House of Representatives.
This legislation foreshadows a commencement date of 01 December 2014.
Assuming that the Australian legislation passes, the KAFTA will only be applicable to imports from 01 December 2014 if both Australia and Korea complete their domestic treaty making approval process and exchange diplomatic notes prior to 01 December 2014.
On commencement of the KAFTA, over 90% of tariff lines will be immediately reduced to 0% with almost all remaining lines reducing to zero over the next 5 years.
What to do next:
- Where duty currently applies, ask the exporter/manufacturer to assess now whether the goods will meet the rules of origin (they probably have reviewed the local content etc. for other FTAs)
- If the goods are Korean originating goods, ask the exporter/manufacturer to be prepared to have certificates of origin issued for all exports to Australia expected to qualify for preferential treatment under the KAFTA.
Third Party Logistics (3PL)
5 Advantages to Use 3PL services
Third Party Logistics also known as 3PL has become an increasing high demand for business and networks around the world.
There are a multitude of benefits for outsourcing your supply chain management and logistics to a 3PL solution, here are just five reasons:
- Save Time and Money
- Established Network
- Scalability and Flexibility
- Continuous Optimisation
If you would like to know more about our 3PL solutions, please feel free to contact our Business Development Team on (02) 9316 5744.
General Rate Increase (GRI)
Ocean Carriers operating from North East Asia to Australia have announced a possible GRI of USD500/20’ and USD1,000/40’ effective 15 October 2014.
Ocean Carriers operating from South East Asia / Middle East and Indian Sub-Continent to Australia have announced a possible GRI of USD100/20’ and USD200/40’ effective 01 November 2014.
Even though a number of Ocean Carriers have made these announcements, we will be closely monitoring the situation and ONLY on-charge whatever increases are implemented by them.