During that year, President Park Chung-Hee introduced a series of five-year economic plans aimed at improving South Korea's industrial development and involvement in the global economy in the aftermath of the Korean War.

][7] This shared bilateral history of Australia and Korea culminated over the five-year negotiation period of KAFTA, encompassing all aspects and provisions of the free trade agreement.

[8] Korea is now Australia's fourth largest trading partner and shares a variety of economic, strategic, and political interests both in the Asia-Pacific and worldwide.

[9] In April 2014, the Australian Prime Minister Tony Abbott led a trade delegation to Japan, South Korea, and China.

This built on top of already existing relationships in politics and business between the two nations to support mutual development and economic growth.

[19] Due to KAFTA's provisions, around 99 per cent of goods exported from Australia to Korea are authorized to enter duty-free and with preferential access.

[20] For Australia's agricultural sector, tariffs were eliminated on Korean importation of raw sugar, bottled wine, wheat and some horticulture.

[20] Australia's dairy industry has also seen benefits, receiving duty free quotas for cheese, butter and infant formula.

The manufacturing, resources and energy sectors of Australia's economy have benefited as well, with the removal of all tariffs on their export to Korea progressively phased out by January 1, 2023.

[20] KAFTA has provided Australian services exporters with preferential treatment in the Korean market, benefiting sectors including finance, legal, telecommunications and education.

[26] The frequency and tempo of military discussions, training exercises and industry cooperation is increasing between Australia and South Korea since the trade agreement's inception.

[27] The signing of KAFTA has contributed to the recognition of the relationship between Australia and South Korea being elevated to a comprehensive strategic partnership.

[30] She cited a clause in the agreement which grants the Korean Government the right to reimpose large tariffs on Australian beef if exports grow by more than 2% a year.

[30] The agreement was criticised by Sharman Stone, a government backbencher at the time of the signing who represented the electorate of Murray in Victoria.

Due to this being a largely agricultural electorate, he criticised KAFTA for failing to deliver tarif reductions on a variety of Australian food exports.

[27] Economically this has created a positive sentiment in the Korean market, with greater access to Australian mining and agricultural goods.

[27] South Korean attitudes have been positive with migration and education improving the relationship between the two nations in the years since KAFTAs signing.