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South Korea and New Zealand agreed to conclude a free trade agreement
South Korea and New Zealand announced the agreement to conclude a free trade agreement to promote trade and economic cooperation between the two countries, according to IA RUSKOR.
The announcement made on the sidelines of the Group of Twenty summit in Brisbane, Australia, ended the negotiations between the two countries that lasted more than five years. South Korea is a member of the G20, and New Zealand was invited to the summit as a guest.
"The Free Trade Agreement will lay the foundation for the further development of bilateral investment and trade," the President stressed South Korea's Park Geun-hye at a joint press conference with New Zealand Prime Minister John Key.
Under the agreement, South Korea and New Zealand will abolish tariffs for more than 96 percent of goods in the next 20 years after the agreement comes into force next year. In addition, the deal will allow South Korean goods to compete in New Zealand on more equal rights with rivals from other countries. New Zealand has free trade agreements with 15 countries, including China, Australia, Hong Kong and Taiwan.
South Korea and New Zealand will conduct a final review of the transaction before its formal signing at the beginning of next year. The agreement is subject to ratification by the parliaments of the two countries before its entry into force.
South Korea is 41's largest trading partner for New Zealand, and New Zealand is 44's largest trading partner of South Korea. Bilateral trade between the two countries amounted to US $ 2,8 billion last year.