Insights into the six-year diplomatic journey toward signing the Korea-New Zealand Free Trade Agreement (FTA) will be shared by Trade Minister Tim Groser in an address to the Korea NZ Business Council on Wednesday 13 May 2015.

Media representatives wishing to attend the Minister’s address should register in advance with Fergus McLean, Executive Director, Korea NZ Business Council, at fmclean@xtra.co.nz. The address will take place in the Auckland Town Hall at 5.30pm.

The FTA, eventually making 98 percent of New Zealand’s goods to Korea duty-free, was signed by Minister Groser and his Korean counterpart and witnessed by Prime Minister John Key and South Korea President Park Geun-Hye in Seoul on 23 March, 2015.

Auckland Deputy Mayor Penny Hulse took part in the Trade Mission to Korea led by the Prime Minister and Minister Groser. After the Minister’s address she will recount her experiences supporting Auckland businesses in the official delegation. She was the first councillor to take part in a central government trade mission.

Tariff reductions in the first year will save an estimated $65 million in tariff reductions from the $229 million tariffs which tariffs to Korea currently attract.

Reductions will occur progressively, taking 10-15 years for many products to become tariff-free.

The big early winners will be certain food products including beef, dairy and salmon exports, wine, and wood products.

For Auckland exporters, the deal offers further penetration into the world’s 13th largest economy. South Korea is New Zealand’s sixth largest export destination for goods and services.

The FTA will boost Auckland’s relationship with its sister city Busan’s film industry. The two cities have a Memorandum of Understanding between Screen Auckland the Busan Film Commission. Busan is responsible for 40 per cent of screen activity in Korea.

As part of the FTA, the new agreement on audio-visual cooperation opens further collaborative opportunities for Auckland in the film and video industry.

Auckland Council is a member of the Korean NZ Business Council and sits on its executive board.

The Minister’s address will also be attended by the Prime Minister’s Fellow from Korea for 2015, Mr Chyung Hojoon, a member of the Korean National Assembly.