Australia is celebrating the 10th anniversary of trade agreements with two important trade partners this year – Japan and the Republic of Korea.
The Japan-Australia Economic Partnership Agreement entered into force on 15 January 2015. Since then, Australia’s goods and services exports to Japan have almost doubled in value, reaching $90.2 billion.
And two-way trade between Australia and Korea has more than doubled from $33 billion in 2013 to $71 billion in 2023 since the Korea-Australia Free Trade Agreement entered into force on 12 December 2014.
These two trade agreements have been game-changers for Australian exporters.
In December last year, Kendall Draper, Austrade Trade Commissioner, Tokyo said Japanese business culture places a great importance on exporters’ commitment to the market.
“It takes time for Japanese consumers to feel comfortable with new products. Continued in-store promotion or other ongoing promotional campaigns are really important. Participating in major events and trade shows will also help you build those relationships on the ground and increase brand awareness,” she said at the time.
South Korea is currently Australia’s fourth-largest trading partner in 2023. Australia’s major exports to South Korea include iron ore, coal, natural gas, and beef.
According to Draper, premium quality and safety are core values in South Korea.
“In South Korea it’s a good idea to also focus on building business relationships in an informal setting. Be patient with decision making processes,” she said in December.
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