We're one step closer to a free trade deal with Korea.

Negotiators from both countries have now worked out the details.

It still needs to be translated into Korean early next year, before both countries sign off on it.

South Korea's our sixth largest export destination, and Trade Minister Tim Groser says the deal will secure our position in their market.

He says tariffs will be eliminated on 48 percent of our exports, leading to savings of 65 million in the first year alone.