Currently 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.
“In July 2013 when President Park and I met at the Korea-New Zealand Summit, we committed to concluding the FTA. It is very pleasing that this has now been achieved. New Zealand and Korea have a long history of working together, dating back to the Korean War. The FTA will enhance our already strong relationship and will set the scene for an even closer relationship in the future,” says Mr Key.
Now that the negotiations have been concluded, the FTA will next go through a legal verification and translation process, before it can be signed.
Find out more about the FTA here.