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Tim Groser
THE FREE Trade Agreement negotiated with Korea will cut $65 million in tariffs in its first year alone.
Korea is New Zealand six largest export destination, worth about $1.7 billion a year, with two way trade worth $4 billion.
Duties on New Zealand's current exports to Korea will be largely eliminated within 15 years after the FTA comes into force.
New Zealand and Korea will now complete domestic processes to ratify the FTA and bring it into force. A call for public submissions on the FTA will be made by the New Zealand Parliament as part of the ratification process.
Trade Minister Tim Groser has welcomed the announcement on the successful conclusion of negotiations with the Republic of Korea on a Free Trade Agreement.
"Korea is one of New Zealand's biggest and most important trading partners," says Groser.
"The FTA will deliver real economic benefits for both our countries. It will create more opportunities for our business and will deliver cheaper products to consumers. It's a win-win agreement.
"There are positive outcomes for agricultural exports, as well as the forestry sector, the fisheries industry and exporters of all industrial goods. Government procurement, trade in services and investment are all subject to high quality commitments."
Further information is available at www.mfat.govt.nz/nzkoreafta
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