South Australia and North Asia relationship
The North Asia region comprises Japan, the Republic of Korea (ROK) and Taiwan. Together they represent approximately 9% of global GDP, and are characterised by stable and developed economies.
South Australia and the North Asia region maintain a historic connection, and cooperation extends to diverse areas such as trade in services and goods, education, culture, and student exchanges. Free Trade Agreements with Japan (the Japan-Australia Economic Partnership Agreement (JAEPA)) and ROK (the Korea-Australia Free Trade Agreement (KAFTA)) entered into force in January 2015 and December 2014 respectively. These reduce tariffs and provide better access to the markets for Australian exporters in many areas of interest to South Australia, providing significant advantages over competing imports from other countries.
North Asia market
The North Asia region presents significant opportunities arising from highly urbanised populations with high incomes and an appetite for high-quality goods and services.
South Australia sold a total of just over $1.1 billion of goods to Japan, ROK and Taiwan in 2015-16; Japan is South Australia’s fifth biggest market, Taiwan its eleventh and ROK its twelfth. There is scope for South Australia to offer its world-class products and services in the areas of premium food, wine and agribusiness, health, biotechnology and aged care services, higher education and VET, water, energy and environmental management, defence-aviation, aerospace and advanced manufacturing.