South Korea's free trade agreement with China, Vietnam and New Zealand went into effect on Sunday.
Accordingly, the nation's GDP is expected to grow one percent for the next decade although it is necessary to lay out countermeasures to protect agriculture and fisheries sectors, which are likely to get damages from the industrial restructuring.
Through the deals, consumers' welfare will be improved with around $15 billion and 55,000 jobs will be created during the next decade. Exports will grow $5 billion and annual trade balance will rise around $600 million.
Alongside, the opening of service market and investment protection will also be carried out. First, China will additionally open its service markets including legal, construction, environment, distribution and entertainment. Korean firms' penetration into China's service market is expected to accelerate.
As for Vietnam, protection measures on around 4,000 local companies in the nation are expected to be strengthened. Especially, guarantee remittance, reasonable compensation and improving ISD, a higher level of investment protection than Korea-ASEAN FTA.
With New Zealand, Korea is expected to boost personnel exchange through agricultural partnership program. The number of applicants for working holiday to New Zealand will rise to 3,000 next year from current 1,800 this year. Also, a total of 200 specialists in 10 fields will be provided with working visa up to three years.
