(MENAFN) South Korea and New Zealand launched their free trade agreement (FTA), concluded last month that will eliminate import tariffs on more than 90 percent of goods traded between them, QNA reported.
The FTA was initialed in Wellington by South Korean Deputy Trade Minister and New Zealand Deputy Secretary of Foreign Affairs and Trade, the Ministry of Trade, Industry and Energy said.
Initialing of a free trade pact means that two parties confirm every word on each page is final and will not be subject to changes before the official signing, the ministry showed.
The ministry said that the two countries have agreed to officially sign the agreement within the first half of next year. It will be then sent to the respective legislatures for approval before it can go into effect, local media reported.
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