(MENAFN) South Korea formally signed a free trade agreement (FTA) with New Zealand, the latest in a series of deals Seoul has inked to boost the country's exports, Yonhap News reported.
Under the agreement, South Korea will remove tariffs on 96.4 percent of all products from New Zealand within 15 years since the deal taking effect, local media reported.
By comparison, New Zealand will eliminate tariffs on all South Korean goods within seven years of the deal taking effect. The two sides agreed to exclude rice and other sensitive agricultural produce.
New Zealand is South Korea's 40th-largest trading partner. Bilateral trade between the countries amounted to USD3.2 billion last year, up from USD2.8 billion in 2013.
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