The New Zealand-South Korea free trade agreement (FTA) entered into force on 20 December, with immediate benefits for New Zealand exports.
As of 20 December, tariffs were eliminated on 48 per cent of New Zealand exports.
New Zealand's cherry exporters have been granted duty-free access in the middle of their season with the eliminated of the previous 24 per cent tariff.
The 45 per cent tariff on kiwifruit will also drop 7.5 per cent each year until tariffs are eliminated by 2020.
New Zealand kiwifruit growers currently pay around NZ$20m in duties, according to New Zealand minister of trade Todd McClay, while Southern Hemisphere competitor Chile ships kiwifruit to Korea tariff-free.
“This FTA will enable New Zealand exporters to sell more products to Korea and grow their businesses, creating more jobs and higher incomes for New Zealanders,” McClay said in a government release.
“The FTA will also guarantee access for our skilled service suppliers, intra-corporate transferees and business visitors to enter and stay temporarily in Korea to conduct their
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