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Free trade with South Korea achieved

  • News
  • March 26, 2015
  • Sarah Dunn
Free trade with South Korea achieved

Trade minister Tim Groser travelled to Seoul to sign the deal with his Korean counterpart, Yoon Sang-jick. He says the agreement secures the long-term future of Kiwis exporting to South Korea, who are in competition with international exporters from countries like Australia and Canada, which benefit from Korea’s existing FTAs.

“It reduces barriers to trade and investment, provides greater certainty about the business environment and ensures our exporters remain competitive in each other’s market,” Groser says.

Retail NZ general manager of public affairs Greg Harford says free trade is generally good for the retail sector. It allows retailers to offer goods at more competitive prices, and potentially opens up new markets.

South Korea is New Zealand’s fifth largest bilateral trading partner. Data from New Zealand Trade & Enterprise shows that merchandise trade between the two countries totalled $3.28 billion in the year ending December 2012. The NZTE says opportunities for Kiwi businesses exist in the food and beverage market, information and communications technology, and “natural products” which complement South Korea’s sophisticated cosmetics and skincare industry.

New Zealand’s main exports to South Korea are agricultural products and commodities for industrial processing.

BusinessDesk reported that New Zealand exporters pay Korea around $229 million in tariffs each year.

When the FTA enters into force, tariffs on 48.3 percent of New Zealand’s current exports to Korea - $793.7 million’s worth - will be eliminated, although the deal will take 15 years to come into full effect.

“Particular success stories include the removal of wine tariffs of 15 percent on entry into force, and the removal of 45 percent tariffs on kiwifruit effectively five years after entry into force,” says Groser. “It will also make possible a new level of cooperation in areas like agriculture, the creative economy, the environment and education, and spur greater investment.”

When fully phased in, the FTA will remove duties from 98 percent of goods from New Zealand.

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Military-style semi-automatics ban announced

  • News
  • March 21, 2019
  • The Register team
Military-style semi-automatics ban announced

As of 3pm on March 21, a wide range of semi-automatic weapons have been reclassified under section 74A(c) of the Arms Act as requiring an E endorsement on a firearms license. This means they can no longer be sold to those with A-category gun licenses, and their purchase now requires police approval.

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  • The Register
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NZ Retail and The Register’s sales and marketing breakfast saw dozens of Kiwi retailers come together to network, sharing tips and tricks and absorbing expert advice.

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  • March 21, 2019
  • Kelly Withers
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Results are starting to trickle in from Christmas 2018/2019, and for many retailers, they're a little disappointing. Paydar chief executive and co-founder Kelly Withers explores the data.

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