NZ-Korea FTA completed

New Zealand and Korea have completed a Free Trade Agreement which will save our exporters $65m in the first year.

Prime Minister John Key today announced that New Zealand and the Republic of Korea have completed Free Trade Agreement negotiations.

“Korea is New Zealand’s sixth largest export destination for goods and services and eighth largest import source of goods and services, with total two-way trade of $4 billion in the year ending June 2014,” says Mr Key.

“The FTA will put New Zealand exporters back on a level playing field with competitors from Korea’s other FTA partners, such as the United States, Chile and the European Union.

“At the moment our exporters to Korea pay $229 million a year in duties. Under the FTA, New Zealand exporters will save an estimated $65 million in duties in the first year alone. . .

This is very good news for producers, manufacturers and consumers in both countries.

One of the messages from Rabobank’s F20, which we attended last week, was that protection threatens food security and hurts the poor most.

Free trade is fair trade.

 

 

 

 

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