SEOUL, Dec. 15 (Yonhap) — South Korea said Tuesday its outbound shipments to New Zealand will be completely tariff-free starting in 2021, a move that could help local exporters penetrate deeper into the Oceania nation.
The two countries agreed to abolish tariffs on all South Korean exports within seven years after launching a free trade agreement, according to the Ministry of Trade, Industry and Energy.
The Seoul-Wellington free trade pact went into effect in December 2015.
In 2020, around 96.2 percent of South Korean exports to New Zealand enjoyed tariff-free access to the market.
In return, South Korea will abolish tariffs on 97.5 percent of imports from New Zealand by 2030.
“The FTA between South Korea and New Zealand has been serving as the key engine for the bilateral economic ties,” the ministry said in a statement.
“The agreement seeks not only a high level of access to the market but also cooperation in the agricultural and fisheries segments, as well as exchanges of workforces,” it added.
During the meeting, South Korea also requested New Zealand to consider expanding the quota for working-holiday visas, currently set at 3,000.