NZ signs FTA with South Korea to eliminate tariffs on 48.3% exports

WELLINGTON: New Zealand’s Trade Minister signed the New Zealand-South Korea Free Trade Agreement with his Korean counterpart, Yoon Sang. The agreement will eliminate tariffs on 48.3 percent, or NZD793.7m (USD604m) of New Zealand’s current exports to South Korea. The agreement will progressively remove tariffs on 98 percent of New Zealand’s exports to South Korea. In addition, New Zealand will completely remove its duties on all South Korean products within seven years of the agreement coming into force.