Summary
Introduced with the Customs Amendment (Korea-Australia Free Trade Agreement Implementation) Bill 2014 to give effect to Australia’s obligations under Chapter 3 of the Korea-Australia Free Trade Agreement, the bill amends the
Customs Tariff Act 1995
to: provide free rates of customs duty for goods that are Korean originating goods; maintain customs duty rates for certain Korean originating goods; phase the preferential rates of customs duty for certain goods to zero by 2021; and specify excise-equivalent rates of duty on certain alcohol, tobacco and petroleum products.