Zespri welcomes the announcement of the Free Trade Agreement (FTA) deal with South Korea and the significant outcome that has been achieved for the kiwifruit industry.

Over the past year, Zespri growers have paid approximately $20 million in tariffs into this important market.

"It is hugely satisfying that the industry can focus on building sales in the South Korean market, which will benefit both New Zealand and South Korean growers, as well as South Korean consumers," says Zespri Chief Executive, Lain Jager.

"With volumes of our new SunGold variety increasing to over 50 million trays by 2018, this gives us a strong platform to build sales in this market."

South Korea is a very important market to Zespri but the absence of an FTA and the resulting tariff disadvantages as well as the subsequent uncertainty around the investment environment has held back development until now.

"Zespri has worked with the governments of New Zealand and South Korea for a number of years at all levels to encourage the FTA process and find an outcome to benefit both the South Korean and New Zealand kiwifruit industries, as well as the Korean consumer. We are hugely excited at the future potential of the FTA and congratulate all those who have worked tirelessly to achieve this result," says Mr Jager.