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Korea-New Zealand FTA to enter force on Dec. 20

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Published : 2015-12-14 02:25
Updated : 2015-12-14 02:30

The New Zealand Chamber of Commerce in Korea, known as “The Kiwi Chamber,” marked the upcoming entry into force of the Korea-New Zealand Free Trade Agreement last week.

The comprehensive deal, which will come into effect on Dec. 20, is expected to boost bilateral trade significantly, valued at $2.85 billion currently.

Since 2009, the chamber has assisted both the government and business communities for the FTA.

Removed tariffs on manufactured goods are expected to provide large benefits to Korean companies. Key tariffs to be eliminated over time include a 45 percent duty on kiwifruit, 89 percent on butter, 40 percent on beef, 15 percent on wine and up to 11 percent on processed wood products.

There will also be an expansion of the Working Holiday Scheme and short-term English language courses for students in rural areas.

By Joel Lee (joel@heraldcorp.com)