Korean FTA will soon be in force
New Zealand's free trade agreement with Korea will come into force on December 20, Trade Minister Tim Groser has announced.
From that date, about 98 percent of tariffs on New Zealand's exports to Korea will be progressively eliminated.
"Approximately $229 million a year is paid in duties on New Zealand exports, and duty savings in the first year alone will be in the vicinity of $65m," Mr Groser said.
"The lack of a formal FTA with Korea has restricted growth and put New Zealand at a distinct disadvantage relative to Korea's current FTA partners, and this agreement will rectify that imbalance."