According to a report by Korean Radio International on the 15th, from next year, the tariffs on all goods exported from South Korea to New Zealand will be lifted.
According to the Ministry of Industry, Trade and Resources of South Korea on the 15th, from the seventh year of entry into force of the Korea-New Zealand Free Trade Agreement (FTA), all tariffs on South Korea’s exports of New Zealand goods will be eliminated.
The Korea-New Zealand Free Trade Agreement came into effect on December 20, 2015, when the two countries reached an agreement to abolish tariffs on all goods exported from South Korea to New Zealand within seven years.
This year, 96.2% of South Korea’s exports to New Zealand receive duty-free preferential treatment. New Zealand’s exports to South Korea will eliminate tariffs on 97.5% of goods based on the quantity of goods within 15 years of the entry into force of the Free Trade Agreement.
On the same day, the Ministry of Industry of Industry of South Korea and the Ministry of Foreign Affairs and Trade of New Zealand held the “5th Joint Committee Meeting of the Korea-New Zealand Free Trade Agreement” by videoconference to inspect the implementation of the two countries’ free trade agreement and exchanged views on issues of concern to both sides.