Australia and South Korea have agreed on a free trade deal in an attempt to boost trade between the two countries.
As part of the deal, tariffs on key Australian exports to South Korea such as agricultural products, energy and resources will be eliminated.
It is also likely to help South Korean firms in sectors such as steel, textile and car manufacturing to boost their presence in Australia.
Trade between the two nations was worth A$32bn ($29bn; £18bn) in 2012.
Australian Prime Minister Tony Abbott said the benefits of the free trade agreement would “start flowing immediately and will be long-lasting”.
“Independent modelling shows the agreement would be worth A$5bn between 2015 and 2030 and boost the economy by around A$650m annually after 15 years,” Mr Abbott was quoted as saying by the Australian Broadcast Corporation.
The deal still needs cabinet approval in Australia and South Korea.
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