The government expects free trade agreements (FTAs) with China, Vietnam and New Zealand to boost the nation's gross domestic product (GDP) by one percent over the next ten years.
 
The Ministry of Trade, Industry and Energy announced the economic impact and outlook of the FTAs on Sunday, when the agreements simultaneously went into effect.
 
The trade ministry said the Seoul-Beijing FTA is expected to increase South Korea's real GDP by zero-point-96 percent over the next ten years. The FTA with Vietnam is expected to contribute zero-point-01 percent to South Korea's growth while the FTA with New Zealand is estimated to contribute zero-point-03 percent.
 
The ministry forecast that the FTAs will create 55-thousand jobs, increase exports by an average of five billion U.S. dollars annually and improve the trade balance by about 600 million dollars annually over the next ten years.