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South Korea and New Zealand will enter into a free trade agreement
South Korea and New Zealand are planning to enter into a free trade agreement before the end of this year, IA Ruskor reports referring to South Korean Trade Minister Yoon Sang-jick.
Negotiations to conclude the agreement began in 2009 year, but were suspended due to disagreements over the abolition of tariffs for agricultural products. Negotiations were renewed in February this year, and Yun said that the two countries need only one round to finalize the deal.
A joint study conducted by the New Zealand Economic Institute and the Korea International Economic Policy Institute in 2007 showed that the free trade agreement will raise New Zealand’s economy by US $ 4,5 billion and South Korea’s economy by US $ 5,9 billion in the next two decades.
New Zealand will immediately benefit from savings on tariffs. New Zealand exporters pay annually the tariffs of 229 million NZ dollars (US $ 181 million). South Korean exporters to New Zealand, meanwhile, will save annually about 5 million New Zealand dollars.
Yoon San Jik also noted that South Korea plans to conclude free trade agreements with China and Vietnam by the end of 2014.