(MENAFN) Free trade pacts between S. Korea and three of its trading partners- China, Vietnam and New Zealand, went into result, raising expectations to boost trade and economic growth.
Accordingly, all three agreements that were signed went into effect, under the terms of the agreements, the countries will all decrease prices on goods traded.
China will decrease import duties on 5,779 items, with numbers of Vietnam and New Zealnd reaching 272 and 1,036, while Beijing will cut all rates on 958 items.
In addition, the three FTAs could grow the country's GDP by 1 percent, create some 55,000 new jobs and increase exports by USD 5bn per year.
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