Some details of the recently agreed free trade agreement between Korea and NZ:
- New Zealand exporters to that market currently pay NZ$229 million a year in duties. Tariff reductions under the FTA mean New Zealand exporters will save an estimated NZ$65 million in duties in the first year.
- Duties on New Zealand’s current exports will largely be eliminated within 15 years of entry into force.
- Kiwifruit exporters currently face a tariff of 45 percent on their exports
- Beef exports face duties of 40 percent
- At the end of the FTA phasing period around 98 percent of New Zealand’s exports will enter duty and tariff free
Note that New Zealand First are promoting legislation that would stop the FTA with Korea. NZ First have opposed almost every major trade agreement NZ has signed.