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The Korean National Assembly passed a motion ratifying the Korea-Australia Free Trade Agreement (KAFTA) on December 2, 2014. The Australian ratification process had been completed in late October. As a result, the KAFTA will enter into force on December 12, 2014. It is understood that some exporters will benefit from an immediate tariff cut on December 12, followed by a second cut on January 1, 2015. |
