Robb lauds South Korean free trade deal

Despite Labor and Senate pressure, the government is unlikely to release the full text of its free trade agreement with South Korea before February.

Trade and Investment Minister Andrew Robb on Thursday used a ministerial statement to highlight the benefits of the agreement to Australia.

Mr Robb said he'd "substantially" concluded negotiations on the treaty with his South Korean counterpart last week.

Labor's foreign affairs spokeswoman Tanya Plibersek has demanded that Mr Robb explain what work still had to be done and renewed calls for the release of the full text.

A spokesman for Mr Robb later said all substantive matters had been concluded and only process work was needed.

This included cabinet and the parliamentary committee on treaties examining it.

The spokesman said the full text of the treaty would be tabled in parliament, which isn't due to sit again until February.

Ms Plibersek is particularly concerned to know the detail of the investor state dispute settlement provisions, a mechanism allowing foreign investors to sue a government that's breached a trade agreement.

Mr Robb said such provisions were common in free-trade agreement and were designed to create confidence for both Australian and Korean investors.

He said the agreement was "world class" and would provide an annual $650 million boost to the Australian economy.

It would result in the elimination of more than 99 per cent of the tariffs Australian exporters face across areas including agriculture, resources, energy and manufactured goods.

Mr Robb acknowledged the challenges facing Australian car manufacturers, but said the agreement would mean South Korea's eight per cent tariff on automotive parts would go.

He said South Korea was Australia's third largest market for automotive components.

Australia sells $122 million worth of gear boxes and $50 million worth of car engines to South Korea, Mr Robb said.