Australia, S. Korea Notch Free Trade Pact

Law360, New York (December 5, 2013, 3:04 PM EST) -- Australia and South Korea said Thursday they have reached a free trade agreement, a deal that would reduce steep tariffs on Australian agricultural exports and immediately cut tariffs on certain South Korean car exports.

In a joint statement, Australia Prime Minister Tony Abbott and Trade and Investment Minister Andrew Robb said their country had finished up negotiations for a free trade pact with South Korea, adding that the deal would be a boon for the Australian economy.

"As a result of the agreement, tariffs will be...
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