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Korea-New Zealand FTA immediate benefits cherry industry

Staff writer |
With the coming into force of the New Zealand Korea Free Trade Agreement, existing tariffs will be eliminated on $793 million or 48 percent of New Zealand exports.

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According to the government this will immediately benefit the cherry industry, followed by the kiwifruit industry.

Trade Minister Todd McClay said it's important to have the FTA in place before Christmas so the first round of tariff reductions can begin today.

"On the first of January the second round of reductions take place and if we take kiwifruit as an example that could well be a 15 percent decrease over a couple of weeks. It could be a really good Christmas present for the kiwifruit farmers of New Zealand."

"If we have a performance that's anything like what's happened in China following the FTA, we could be looking at growth into the Korean market three, for our fivefold over the next five years."

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