B+LNZ welcomes signing of Korea FTA

By Georgi Gyton

- Last updated on GMT

Korea is NZ’s fourth-largest beef market by volume
Korea is NZ’s fourth-largest beef market by volume

Related tags International trade Beef

Beef + Lamb New Zealand (B+LNZ) has welcomed the signing of the New Zealand-Korea Free Trade Agreement this week, stating the deal was “critical” for sheep and beef farmers and exporters.

James Parsons, chief executive of B+LNZ, said the deal would help keep both farmers and exporters competitive in this key market for them.

Korea is NZ’s fourth-largest beef market by volume. However, volumes have dropped in recent years, in part due to competitors such as the USA and, more recently, Australia and Canada, having a tariff advantage through their FTAs with Korea.

Close to 90% of NZ sheep and beef was exported in 2013, resulting in NZ$318m worth of tariffs being paid, around NZ$52m of which was paid in Korea where tariffs on its beef exports are 40%.

Bill Falconer, chairman of the Meat Industry Association, added: “These negotiations were tough, and credit must go to our government negotiators and to Trade Minister Groser for the excellent job they did in getting this deal done.”

Related topics Meat

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