A Free Trade Agreement (FTA) signed with Korea last week has the potential to deliver strong benefits to exporters in Hume, particularly local wheat, beef, wine, olive and cherry producers.

Federal Member for Hume Angus Taylor welcomed news that the Australian Government had concluded negotiations for the comprehensive agreement with Australia’s fourth largest trading partner.

“Tariffs will be eliminated on major exports to Korea and we’ve agreed to significant new market openings in services and investment.

“This is potentially the best foreign trade agreement since we signed an FTA with the United States more than 10 years ago,” he said.

“There are huge potential benefits here for Hume. Cherry growers around Young, wheat growers around Cootamundra, Young, Grenfell, Cowra, Harden and Boorowa, wine and grape exporters around Murrumbatemen, Lake George and Cowra, olive growers and beef cattle producers across the Tablelands will benefit.

“These are the openings our new Government is determined to grasp. Securing trade partnerships like the one with Korea is a clear sign to primary producers in Hume that this Government is well and truly open for business and committed to growing our agriculture.”

Mr Taylor said Australian wines were currently subject to a tariff of 15 per cent into Korea. Australian beef producers were the largest supplier of beef to Korea but were at a disadvantage to their major competitor the US who signed an FTA last year with Korea. He said cherry and grape growers had also been singled out as key beneficiaries of the deal.

“Exporters or potential exporters wishing to discuss the opportunities from this FTA should  contact my offices in Goulburn or Cowra and I will be delighted to broker meetings with the office of the Minister for Trade and Investment Andrew Robb. This agreement will deliver $5 billion in additional income to the Australian economy between 2015 and 2030. Let’s ensure an appropriate slice of that income comes the way of exporters in Hume,” he said.