Business

Food growers set to reap bonanza with new trade agreement

BUNDABERG’S food growers are set to reap a bonanza with the announcement Australia is set to sign a free trade agreement with South Korea.
BUNDABERG’S food growers are set to reap a bonanza with the announcement Australia is set to sign a free trade agreement with South Korea. Lee Constable

BUNDABERG'S food growers are set to reap a bonanza with the announcement Australia is set to sign a free trade agreement with South Korea.

Sugar, fruit and vegetable and macadamia growers are all set to benefit from the agreement.

The Australian Sugar Industry Alliance said the agreement would ensure the one million tonne per year raw sugar trade to South Korea, valued at $500 million, would continue.

Alliance chairman John Pratt said South Korea was the largest export market for Australia's raw sugar, making the announcement an important one for Australia's sugarcane industry.

"All eyes will now be on world trade negotiations to include full access for sugar, as the Australian-Korea agreement ... paves the way for important trade reform," he said.

Trade reform talks continue this week in Singapore as the Trans Pacific Partnership, a proposed trade agreement involving 12 nations, nears completion. Mr Pratt said the Australian sugar industry was working at full speed to counter calls by some countries for sugar to be excluded from the TPP.

The Australian Macadamia Society also welcomed the news of the agreement.

A spokeswoman said the agreement meant tariffs on the nuts would drop from 30% to zero in five years.

This would enable the macadamia industry to make a big push into the South Korean market.

The Australian vegetable and potato industry also welcomed the announcement of the free trade agreement, which would see the elimination of tariffs on potatoes, carrots, tomatoes and a host of other horticultural products.

Ausveg spokesman Hugh Gurney said the free trade agreement was a win for Australia's 2000 potato growers, who would now be able to access a developing market without the restrictions of tariffs.

"Potatoes will see an immediate elimination of tariffs into Korea, which means that growers will be able to reap the benefits of the new agreement in the early months of 2014," he said.

In 2012-13, $7.4 million of vegetables, including $6.3million of potatoes, were exported to Korea.

Mr Gurney said the value of exports to South Korea had the potential to increase dramatically.

"The establishment of a free trade agreement with Korea is a momentous outcome for the Australian horticulture industry and will create new opportunities for Australian growers to supply first-class produce to Korea's citizens," he said.

Joining vegetables now eligible for trade with South Korea were cherries, dried grapes, fruit and vegetable juice and apricots, mangoes,. peaches and plums.
 

Topics:  business, fair trade




Police want to speak to two men following wilful damage

Police want to speak with men in photos

City Aldi opening hours revealed

OPENING SOON: Aldi in Maryborough Street opens on Wednesday 3 August.

Store will offer supermarket competition

Latest deals and offers

Kerri-Anne Kennerley to Sonia Kruger: "Stay brave"

She said her television peer should "stay brave"

Swimwear designer looking for love on The Bachelor

Noni Janur on her first day of filming.

The 25-year-old is one of 22 women vying for Richie Strahan’s heart

Three reasons your mind will be blown this week

Alan Dale and Jacki Weaver in a scene from the TV series Secret City.

THREE shows on Foxtel to make your mind boggle.

Elena wins MasterChef: “I’m ecstatic and eager to celebrate"

MasterChef Australia 2016 winner Elena Duggan, from Noosa.

NOOSA chefs survive marathon grand final dish by Heston Blumenthal.

Shannen Doherty shaves hair during cancer battle

Shannen Doherty has completely shaved off her hair

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

The climb is slow but property on the way up

Michael Matusik, director of Matusik Property Insights.Photo Allan Reinikka / The Morning Bulletin

The improvement would be mild when compared to past cycles