By Lee Hyo-sik
Korea's exports to Australia jumped 15.6 percent in the first eight months of the year from the same period last year, thanks to the Korea-Australia Free Trade Agreement (FTA), which went into effect in December, the Federation of Korean Industries (FKI) said Friday.
The country's overall outbound shipments fell 6.3 percent during the same period, however, indicating that local exporters were able to sell more goods to Australia on lower tariffs and other eased trade barriers.
The FKI said made-in-Korea products accounted for 5.95 percent of Australia's import market, up from 4.29 percent in 2014.
To further boost bilateral trade in natural resources, finance, information technology and other sectors, FKI held a meeting of the Korea-Australia Economic Cooperation Committee in Sydney Thursday.
In an opening speech, POSCO Chairman Kwon Oh-joon, who is also the Korea-Australia committee chairman, said both countries should make the best use of the free trade pact to complement each other's economic structures and bolster growth.
"Korea's drive to foster the creative economy is in line with Australia's ongoing efforts to shore up its services and science technology industries," Kwon said. "The two countries should take advantage of the Asia Infrastructure Investment Bank to share each other's expertise in finance, construction and other sectors."
In addition, SK Telecom introduced its new business model "Smart Farm," which the company said increased labor productivity by 22.7 percent and reduced operating costs by 27 percent.
The Korea Research Institute of Ships & Ocean Engineering suggested a win-win partnership in the area of offshore plants between Korean shipbuilders and Australian natural resources firms. Accounting firm EY also promoted closer cooperation in finance and other services sectors between the two nations.
Thursday's gathering attracted more than 120 government officials and business leaders from both countries, FKI said.
Korea's exports to Australia jumped 15.6 percent in the first eight months of the year from the same period last year, thanks to the Korea-Australia Free Trade Agreement (FTA), which went into effect in December, the Federation of Korean Industries (FKI) said Friday.
The country's overall outbound shipments fell 6.3 percent during the same period, however, indicating that local exporters were able to sell more goods to Australia on lower tariffs and other eased trade barriers.
The FKI said made-in-Korea products accounted for 5.95 percent of Australia's import market, up from 4.29 percent in 2014.
To further boost bilateral trade in natural resources, finance, information technology and other sectors, FKI held a meeting of the Korea-Australia Economic Cooperation Committee in Sydney Thursday.
In an opening speech, POSCO Chairman Kwon Oh-joon, who is also the Korea-Australia committee chairman, said both countries should make the best use of the free trade pact to complement each other's economic structures and bolster growth.
"Korea's drive to foster the creative economy is in line with Australia's ongoing efforts to shore up its services and science technology industries," Kwon said. "The two countries should take advantage of the Asia Infrastructure Investment Bank to share each other's expertise in finance, construction and other sectors."
In addition, SK Telecom introduced its new business model "Smart Farm," which the company said increased labor productivity by 22.7 percent and reduced operating costs by 27 percent.
The Korea Research Institute of Ships & Ocean Engineering suggested a win-win partnership in the area of offshore plants between Korean shipbuilders and Australian natural resources firms. Accounting firm EY also promoted closer cooperation in finance and other services sectors between the two nations.
Thursday's gathering attracted more than 120 government officials and business leaders from both countries, FKI said.
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