Existing Measures:
Customs Act 1901 (Cth)
Workplace Relations Act 1996 (Cth)
Seafarers' Compensation and Rehabilitation Act 1992 (Cth)
Occupational Health and Safety (Maritime Industry) Act 1993 (Cth)
Shipping Registration Act 1981 (Cth)
Income Tax Assessment Act 1936 (Cth)
Coastal Trading (Revitalising Australian Shipping Act 2012 (Cth)
Coastal Trading (Revitalising Australian Shipping) (Consequential Amendments and Transitional Provisions) Act 2012 (Cth)
Shipping Reform (Tax Incentive) Act 2012 (Cth)
Sector:
Maritime Transport
Obligations Concerned:
National Treatment (Article 11.3)
Description:Investment
Australia reserves the right to adopt or maintain any measure with respect to the registration of vessels in Australia.
Existing Measures:Sector:
Transport Services
Obligations Concerned:
National Treatment (Article 11.3)
Senior Management and Boards of Directors (Article 11.10)
Description:Investment
Australia reserves the right to adopt or maintain any measure with respect to investment in federal leased airports.
Existing Measures:
Airports Act 1996 (Cth)
Airports (Ownership-Interests in Shares) Regulations 1996 (Cth)
Airports Regulations 1997 (Cth)
Sectors:
All Sectors
Obligations Concerned:
Most-Favoured-Nation Treatment (Articles 7.3 and 11.4)
Description:Cross-Border Trade in Services and Investment
Australia reserves the right to adopt or maintain any measure that accords more favourable treatment to the service suppliers or investors of non-Parties under any bilateral or multilateral international agreement in force or signed prior to the date of entry into force of this Agreement.(15)
Australia reserves the right to adopt or maintain any measure that accords more favourable treatment to the service suppliers or investors of non-Parties under any bilateral or multilateral international agreement in force or signed after the date of entry into force of this Agreement involving:
- aviation;
- fisheries; or
- maritime matters, including salvage.
Existing Measures:
Schedule of korea
All Sectors
Obligations Concerned:
National Treatment (Article 11.3)
Performance Requirements (Article 11.9)
Description:
Investment
- Korea reserves the right to adopt, with respect to the establishment or acquisition of an investment, any measure that is necessary for the maintenance of public order pursuant to Article 4 of the Foreign Investment Promotion Act (2012) and Article 5 of the Enforcement Decree of the Foreign Investment Promotion Act (2012), provided that Korea promptly provides written notice to Australia that it has adopted such a measure and that the measure:is applied in accordance with the procedural requirements set out in the Foreign Investment Promotion Act (2012), Enforcement Decree of the Foreign Investment Promotion Act (2012), and other applicable law;is adopted or maintained only where the investment poses a genuine and sufficiently serious threat to the fundamental interests of society;is not applied in an arbitrary or unjustifiable manner;does not constitute a disguised restriction on investment; andis proportional to the objective it seeks to achieve.
- is applied in accordance with the procedural requirements set out in the Foreign Investment Promotion Act (2012), Enforcement Decree of the Foreign Investment Promotion Act (2012), and other applicable law;
- is adopted or maintained only where the investment poses a genuine and sufficiently serious threat to the fundamental interests of society;
- is not applied in an arbitrary or unjustifiable manner;
- does not constitute a disguised restriction on investment; and
- is proportional to the objective it seeks to achieve.
- Without prejudice to any claim that may be submitted to arbitration pursuant to Article 11.16.1, a claimant may submit to arbitration under Section B (Investor-State Dispute Settlement) of Chapter 11 (Investment) a claim that:Korea has adopted a measure for which it has provided notice pursuant to paragraph 1; andthe claimant or, as the case may be, an enterprise of Korea that is a juridical person that the claimant owns or controls directly or indirectly, has incurred loss or damage by reason of, or arising out of, the measure.In the event of such a claim, Section B of Chapter 11 shall apply, mutatis mutandis, and all references in Section B of Chapter 11 to a breach, or to an alleged breach, of an obligation under Section A of Chapter 11 shall be understood to refer to the measure, which would constitute a breach of an obligation under Section A of Chapter 11 but for this entry. However, no award may be made in favour of the claimant, if Korea establishes to the satisfaction of the tribunal that the measure satisfies all the conditions listed in subparagraphs (a) through (e) of paragraph 1.
- Korea has adopted a measure for which it has provided notice pursuant to paragraph 1; and
- the claimant or, as the case may be, an enterprise of Korea that is a juridical person that the claimant owns or controls directly or indirectly, has incurred loss or damage by reason of, or arising out of, the measure.
- This entry shall not apply to the extent that a measure referred to in paragraph 1 is subject to Chapter 8 (Financial Services).
Existing Measures:
Foreign Investment Promotion Act (Law No. 11535, December 11, 2012), Article 4
Enforcement Decree of the Foreign Investment Promotion Act (Presidential Decree No. 24638, June 28, 2013), Article 5
All Sectors
Obligations Concerned:
National Treatment (Articles 7.2 and 11.3)
Performance Requirements (Article 11.9)
Senior Management and Boards of Directors (Article 11.10)
Local Presence (Article 7.5)
Description:
Investment
Korea reserves the right to adopt or maintain any measure with respect to the transfer or disposition of equity interests or assets held by state enterprises or governmental authorities.
Such a measure shall be implemented in accordance with the provisions of Chapter 19 (Transparency).
Notwithstanding Article 8.9.3, this entry shall not be treated as a non-conforming measure not subject to Article 8.2 (National Treatment).
This entry shall not apply to former private enterprises that are owned by the state as a result of corporate reorganisation processes.
For the purposes of this entry, a state enterprise shall include any enterprise created for the sole purpose of selling or disposing of equity interests or assets of state enterprise or governmental authorities.
Cross-Border Trade in Services and Investment
Without prejudice to Korea's commitments undertaken in Annex I and Annex II, Korea reserves the right to adopt or maintain any measure with respect to the transfer to the private sector of all or any portion of services provided in the exercise of governmental authority.
This entry shall not apply to a measure inconsistent with Article 7.2 (National Treatment) or 11.3 (National Treatment) to the extent that the measure affects the supply of express delivery services that the laws of Korea permit. This paragraph does not prevent Korea from establishing or maintaining a state enterprise.
Notwithstanding Article 8.9.3, this entry shall not be treated as a non-conforming measure not subject to Article 8.2 (National Treatment).
Existing Measures:
Financial Investment Services and Capital Markets Act (Law No.11845, May 28, 2013), Article 168
All sectors
Obligations Concerned:
National Treatment (Articles 7.2 and 11.3)
Most-Favoured-Nation Treatment (Articles 7.3 and 11.4)
Market Access (Article 7.4)
Local Presence (Article 7.5)
Performance Requirements (Article 11.9)
Senior Management and Boards of Directors (Article 11.10)
Description:
Cross-Border Trade in Services and Investment
Korea reserves the right to adopt or maintain any measure with respect to the supply of a service by the presence of natural persons, or other movement of natural persons, including immigration, entry or temporary stay, subject to the provisions of Chapter 10 (Movement of Natural Persons).
All Sectors
Obligations Concerned:
National Treatment (Articles 7.2 and 11.3)
Most-Favoured-Nation Treatment (Articles 7.3 and 11.4)
Market Access (Article 7.4)
Local Presence (Article 7.5)
Performance Requirements (Article 11.9)
Senior Management and Boards of Directors (Article 11.10)
Description:
Cross-Border Trade in Services and Investment
Korea reserves the right to adopt or maintain any measure with respect to the defense industry.
Foreign investors (stipulated in Article 2 of the Foreign Investment Promotion Act) who intend to acquire the outstanding shares of a defense industry company (enterprises stipulated in Article 3 of the Defense Acquisition Program Act) other than the newly issued ones shall obtain a prior permission from the Minister of Trade, Industry and Energy.
Existing Measures:
Foreign Investment Promotion Act (Law No. 11535, December 11, 2012), Article 6
Defense Acquisition Program Act (Law No. 11713, March 23, 2013), Article 35
Acquisition of Land
Obligations Concerned:
National Treatment (Article 11.3)
Description:
Investment
Korea reserves the right to adopt or maintain any measure with respect to the acquisition of land by foreign persons, except that a juridical person shall continue to be permitted to acquire land where the juridical person:
- is not deemed foreign under Article 2 of the Foreigner's Land Acquisition Act, and
- is deemed foreign under the Foreigner's Land Acquisition Act or is a branch of a foreign juridical person subject to approval or notification in accordance with the Foreigner's Land Acquisition Act, if the land is to be used for any of the following legitimate business purposes:land used for ordinary business activities;land used for housing for senior management; andland used for fulfilling land-holding requirements stipulated by pertinent laws.
- land used for ordinary business activities;
- land used for housing for senior management; and
- land used for fulfilling land-holding requirements stipulated by pertinent laws.
Korea reserves the right to adopt or maintain any measure with respect to the acquisition of farmland by foreign persons.
Existing Measures:
Foreigner's Land Acquisition Act (Law No. 11690, March 23, 2013), Articles 2 through 6
Farmland Act (Law No. 11694, March 23, 2013), Article 6
Firearms, Swords, Explosives, and Similar Items
Obligations Concerned:
National Treatment (Articles 7.2 and 11.3)
Performance Requirements (Article 11.9)
Senior Management and Boards of Directors (Article 11.10)
Local Presence (Article 7.5)
Description:
Cross-Border Trade in Services and Investment
Korea reserves the right to adopt or maintain any measure with respect to the firearms, swords, explosives, gas sprays, electric shocks, and crossbows sector, including the manufacture, use, sale, storage, transport, import, export, and possession of firearms, swords, explosives, gas sprays, electric shocks or crossbows.
Disadvantaged Groups
Obligations Concerned:
National Treatment (Articles 7.2 and 11.3)
Most-Favoured-Nation Treatment (Articles 7.3 and 11.4)
Performance Requirements (Article 11.9)
Senior Management and Boards of Directors (Article 11.10)
Local Presence (Article 7.5)
Description:
Cross-Border Trade in Services and Investment
Korea reserves the right to adopt or maintain any measure that accords rights or preferences to socially or economically disadvantaged groups, such as the disabled, persons who have rendered distinguished services to the state, and ethnic minorities.
State-Owned National Electronic/Information System
Obligations Concerned:
National Treatment (Articles 7.2 and 11.3)
Local Presence (Article 7.5)
Performance Requirements (Article 11.9)
Senior Management and Boards of Directors (Article 11.10)
Description:
Cross-Border Trade in Services and Investment
Korea reserves the right to adopt or maintain any measure affecting the administration and operation of any state-owned electronic information system that contains proprietary government information or information gathered pursuant to the regulatory functions and powers of the government.
This entry shall not apply to payment and settlement systems related to financial services.
All Sectors
Obligations Concerned:
National Treatment (Articles 7.2 and 11.3)