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Korea's trade pacts with China, Vietnam, New Zealand go into effect Updated: 2015-12-21 03:55:09 KST


Korea's free trade agreement with China took effect on Sunday, along with separate trade pacts with Vietnam and New Zealand.
According to the trade ministry, the pacts are expected to lift Korea's GDP by 1 percent in the next 10 years.
Together, they're expected to create over 55-thousand jobs, as well as bring about consumer benefits worth more than 15 billion U.S. dollars over the next decade.
The trade pacts will also likely boost exports by five billion dollars per year, with the trade surplus also jumping around 600 million annually.
With the nation's exports having fallen every month this year, the free trade agreements, especially the one with China -- Korea's largest trading partner -- are expected to give the country a much needed shot in the arm.


"A trade pact with China will provide a breakthrough for Korean exports generally. There will be industries that go through difficulties, but largely many industries will benefit."

China will immediately eliminate tariffs on more than 950 items, while New Zealand will cut import duties on over 2-thousand goods.
China will also lower duties on almost 5,800 items, with Vietnam to do the same for some 270 products and New Zealand, over 1,000 goods.
On top of that, the ministry says the opening of the service markets in the three countries will likely create more business opportunities for Korean companies, especially in the entertainment, environmental management and construction sectors.
And to maximize the benefits of the trade deals, the government plans to offer systematic assistance to local companies so they can make inroads into the three countries.
Kim Min-ji, Arirang News.
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