South Korea and New Zealand initialed their free trade agreement (FTA) on Dec 22, 2014, concluded the negotiation between them on Nov 15, 2014.  

 

Under the pact, New Zealand will eliminate import tariffs on 92 percent of all shipments from South Korea, and completely remove all tariffs on South Korea pruducts within seven years.  

 

South Korea will remove tariifs on 96.4 percent of shipments from New Zealand over the 15-year period. 

The ministry said the two countries have agreed to offcailly sign the agreement within the first half of next year.