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  • Big day on the nation′s trade front. On Sundaytrade barriers between Korea

  • and Chinaas well as Vietnam and New Zealand were scrapped.

  • Plusanother round of tariff cuts is due on January first.

  • Kim Minji starts us off with changes that could help boost the economy.

  • 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.

  • Togethertheyre 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

  • agreementsespecially 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 difficultiesbut 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 Zealandover 1,000 goods.

  • On top of thatthe ministry says the opening of the service markets in the three countries

  • will likely create more business opportunities for Korean companies,... especially in the

  • entertainmentenvironmental management and construction sectors.

  • And to maximize the benefits of the trade dealsthe government plans to offer systematic

  • assistance to local companies so they can make inroads into the three countries.

  • Kim MinjiArirang News.

Big day on the nation′s trade front. On Sundaytrade barriers between Korea

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