KNZFTA delivering strong results
Republic of Korea (South)
The Korea-New Zealand FTA (KNZFTA) delivered strong results in its first full year since entry into force. Two way goods and services trade between Korea and New Zealand increased 8% to NZ$4.35 billion in 2016, bucking the trend of an overall drop in trade for both countries in 2016.
In particular, New Zealand’s food and beverage sector has benefitted from lower tariffs delivered under the FTA, with New Zealand food and beverage exports growing 18% in 2016 to NZ$593 million.
For Korea, there was 19% growth in vehicle exports and 36% growth in electric machinery exports to New Zealand in 2016.
The FTA has also strengthened people-to-people links between our two countries, with 3,000 Koreans taking up the opportunity to go to New Zealand under the expanded Working Holiday Scheme, and 150 students from rural areas in Korea going to New Zealand to study in 2016 under a new cooperation programme administered by Education NZ.