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GM Holden exports the Veritas to Korea.



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The Hon Simon Crean MP AUSTRALIAN MINISTER FOR TRADE

5 September 2008

GM Holden Exports the Veritas to Korea Minister for Trade, Simon Crean today launched the export of GM Holden's Veritas to the Republic of Korea (ROK), while visiting the company's Port Melbourne plant.

The Veritas is GM Holden's new all-Australian made vehicle.

Sales of the Veritas will build on the export of the Statesman to ROK which began in 2005 and will further contribute to Holden's export revenue of almost $1.6 billion last year.

“Export of the Veritas shows that Australian design and production capabilities enable us to compete in ROK, one of the toughest car markets in the world,” Mr Crean said.

“This is an excellent development and I congratulate GM Holden for aggressively pursuing export market opportunities to build on their sales base in Australia.

“Australia's economic future depends on significantly improving our export performance. This launch today is an important contribution towards securing that future.

The launch of the Veritas follows the Prime Minister's visit to Korea last month, which led to an agreement to hold preparatory talks on negotiating a free trade agreement with Korea.

This will contribute to the Government's efforts to promote trade reform "at the border" and complement efforts underway through multilateral trade negotiations, regional institutions such as APEC, and bilateral Free Trade Agreements.

“The Government is making every effort to open up new export markets and to address major distortions in world trade,” Mr Crean said.

This is vital to improve Australia's trade performance; ensure the Australian economy moves to a sustainable footing beyond the resources boom; and to create new higher paying and higher skilled jobs for Australia.

The launch also follows the conclusion of negotiations in Singapore last week on an ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) - Australia's biggest FTA, ASEAN's most comprehensive.

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“These negotiations secured a number of significant commitments for Australian exporters, including for the auto sector,” Mr Crean said.

The Republic of Korea was Australia's sixth largest trading partner in 2007 with total trade in goods and services amounting to A$21.8 billion. Total exports to the ROK amounted to $15.3 billion in 2007 - Australia's fourth largest export market.

GM Holden has produced seven million vehicles and has Australia's largest and longest running automotive export program. More than 772,000 vehicles have been delivered to overseas markets for more than 50 years.

Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555

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