Following the 2015 Free Trade Agreement with South Korea, Fonterra has seen strong interest in its products, reflecting the growing demand for high-quality dairy. New Zealand as a whole has enjoyed 16 percent growth in South Korea, which is currently our fifth largest cheese market. The agreement aims to remove tariffs on cheddar and block mozzarella after seven and 12 years respectively, with all cheese tariffs eliminated and quotas removed after 15 years.
“A lot of our existing customers and new customers are approaching us to develop new business opportunities,” said Jason Murney, Fonterra’s country manager Korea. “The FTA will help Fonterra deepen its commercial relationships in the market over time, as our access continues to increase.”