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Australia, Korea in copro pact

Australian and Korean producers are set to grow closer after their respective governments secured a trade deal that includes a coproduction pact.

The Korea-Australia Free Trade Agreement comes into effect today. This means Screen Australia and Korean Competent Authority (KOFIC) can now receive coproduction applications between the countries.

In order to qualify, both the Australian and Korean prodco must provide at least 20% of the budget with the exception of animation. “This contribution shall not be less than the percentage required under each party’s relevant domestic regulatory or policy arrangements,” terms of the agreement state.

Screen Australia and KOFIC had signed a Memorandum of Understanding ahead of the agreement on October 4.

Korea is the twelfth territory to agree to a coproduction pact with Australia.