Queensland’s economy will be boosted by today’s permanent return of Korean Air flights from Seoul to Brisbane, with the first one arriving BNE on Monday 24 April at 0650 and departing at 0840. “South Korea is an economic powerhouse and this state’s third largest trading market and a major technology partner in Queensland’s new energy economy,” according to Gert-Jan de Graaff, CEO of Brisbane Airport Corporation.
Korean Air is ranked as one of the world’s top five air cargo carriers and last year was the winner of the prestigious Air Transport World’s (ATW) Cargo Operator of the Year. The Boeing 777 serving the route will be welcomed by Queensland’s exporters that rely on safe and reliable airfreight services to export to not only the Korean market but to all corners of the world.
Mr Jason Jeong, Korean Air’s Regional Manager for Australia welcomed the resumption, as the airline prepares to celebrate its 30th anniversary of services to Brisbane. Korean Air will fly to Brisbane five times a week and will support 1,230 direct and indirect jobs in Queensland.
In October last year, the Australian Trade Minister Don Farrell made his first visit as a minister to Seoul to strengthen trade ties. Senator Farrell also discussed interest in locking in Australia as an alternative source to China of critical minerals for South Korea (ROK).
In 2021-22, the ROK was Australia’s fourth-largest trading partner (valued at AUD68.7 billion) – representing 6.5% of Australia’s total trade – and Australia’s third-largest export market (valued at AUD48.8 billion). The trade relationship is complementary, with Australia’s major exports including iron ore, coal, natural gas and beef, and our major imports from the ROK including refined petroleum and cars.
The Korea-Australia Free Trade Agreement (KAFTA), which entered into force on 12 December 2014, is a world-class and comprehensive bilateral agreement that substantially liberalises Australia’s trade with its fourth-largest trade partner. KAFTA protects and enhances the competitive position of Australian businesses in Korea and provides tariff elimination on nearly all Australia’s current exports by value annually until 01 January 2032 when it is fully implemented. Under KAFTA, Australian services providers receive the best treatment Korea has agreed with any trade partner.
The Regional Comprehensive Economic Partnership Agreement (RCEP) also entered into force on 01 February 2022 for the Republic of Korea. Australian exporters may wish to look at using the RCEP as an alternative to KAFTA.
As licensed Customs Brokers and International Freight Forwarders, Colless Young offers you professional advice on all your overseas trade and shipping requirements by air and sea, whether to South Korea or any other point on the globe. We provide a complete range of import and export logistics services, including Customs clearance, warehousing and trucking, at all major Australian ports and airports.
