Quantcast
Wednesday , February 22 2017
Breaking News
Home / International Customs / New Zealand – Korean FTA delivers new round of tariff cuts
New Zealand – Korean FTA delivers new round of tariff cuts

New Zealand – Korean FTA delivers new round of tariff cuts

WELLINGTON: The start of 2017 saw two thirds of New Zealand’s exports to Korea become duty free, up from 46 per cent in 2016. “Thanks to this continued progress under the FTA, even more New Zealand businesses can compete favourably in the Korean market,” McClay says.

New Zealand and Korea celebrated the first anniversary of the agreement on December 2016. Since the FTA came into force in December 2015, New Zealand has experienced strong results, particularly in the food and beverage sector where exports to Korea have increased by over 16%. “Korea is New Zealand’s 6th largest goods export market, worth NZ$1.5 billion in the year ending September 2016, but this isn’t just about productive businesses wanting to sell to Korea,” McClay says.

Fifteen years after the FTA was initiated, 97.8 per cent of New Zealand’s total current exports to Korea will enter duty and quota free. “New Zealanders are benefiting from the Government’s positive, outward looking relationship with our global partners, and this includes constantly progressing more Free Trade Agreements,” the Minister adds.