South Korea to sign free trade deal with New Zealand

South Korea to sign free trade deal with New Zealand

South Korea is expected to formally sign a free trade agreement with New Zealand after their leaders hold summit talks, an official said Monday.

South Korean President Park Geun-hye is expected to discuss ways with New Zealand Prime Minister John Key on how to strengthen cooperation in a wide range of issues, including trade and economy.

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The signing ceremony — a centerpiece of Key’s visit to Seoul– comes four months after the two countries announced they had struck a free trade agreement to boost bilateral trade and economic cooperation.

“We expect the formal signing of a free trade agreement to further boost bilateral relations,” presidential spokesman Min Kyung-wook told reporters.

Under the agreement, South Korea and New Zealand will remove tariffs on more than 96 percent of all products traded between the two countries within 20 years of the deal taking effect.

The deal is subject to parliamentary ratification in both capitals before it can take effect

The two sides have agreed to exclude rice, a key staple for Koreans, and other sensitive agricultural produce, including apples, garlic and chili peppers, from the deal. (Yonhap)

Source:http://www.koreaherald.com/view.php?ud=20150323000424

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