New Zealand Winegrowers See ‘Good Potential’ In South Korean Market After The Passing Of The Tariff Amendment Bill

On September 24, the Free Trade Agreement with South Korea was approved by the New Zealand parliament after the third reading was finished by 95 to 25, Xinhua News Agency reported on the same day.

"Under this FTA, approximately 98 percent of tariffs on New Zealand's current exports to [South] Korea will be progressively eliminated," says Trade Minister Tim Groser.

"This FTA will play an important role in strengthening the relationship between New Zealand and [South] Korea. It delivers significant benefits across a range of areas, including goods, services, and investment by breaking down trade barriers, facilitating the movement of goods and services, and establishing a framework for resolving any trade-related issues in the future."

He goes on, "[South] Korea is one of our most important trading partners. The lack of a formal FTA with [South] Korea has restricted trade growth and put New Zealand at a distinct disadvantage relative to [South] Korea's current FTA partners."

With the passing of the Tariff Amendment Bill, New Zealand winegrowers see good potential in South Korean market.

"Working closely with the various government agencies on the New Zealand event in Korea and wine is part of that and it is a really great opportunity to tell a good New Zealand story," says New Zealand Winegrowers chief executive Philip Gregan, as noted by Radio New Zealand News on Wednesday.

He adds that the passing of the Tariff Amendment Bill was just so timely for the upcoming New Zealand wine fair that will be held at The Plaza Hotel in South Korea on October 5.

He goes on, "I don't believe South Korea is ever going to be a major, major market for New Zealand wine, but I think there is certainly good potential there with seeing growth in other Asian markets as well, so I think it is going to be one of those markets where some exporters in particular will do quite well."

"I can imagine, in the not too distance future, us exporting $20-odd million worth of wine up into South Korea."