The National Assembly ratified South Korea's free trade agreements (FTA) with China, Vietnam and New Zealand as well as the Asia Infrastructure Investment Bank accord on Monday.
 
Lower tariffs in Vietnam and New Zealand are expected to benefit South Korea's textile and auto parts industries. However, New Zealand's high competitiveness in the dairy and livestock industries are likely to hurt South Korea's agricultural sector.
 
After the South Korea-Vietnam FTA goes into effect, tariffs on 92-point-two percent of Vietnamese and 94-point-seven percent of South Korean goods will be eliminated in stages.
 
Under the FTA with Wellington, New Zealand – which imports most of the industrial products it needs from overseas – tariffs on all South Korean industrial products will be eliminated in seven years.