South Korea and New Zealand agreed Wednesday to put their free trade agreement into effect on Dec. 20, the Foreign Ministry said.
  

The two sides exchanged a related diplomatic document in a ceremony in Wellington the same day, it said.
  

They struck the deal on the FTA in November last year and signed it formally four months later.
  

The FTA eliminates import tariffs on over 90 percent of goods traded between the two countries. Two-way trade reached $3.26 billion in 2014.
  

It is also expected to promote people-to-people exchanges. The quota of "working holiday" visas will increase from 1,800 to 3,000 per year.
  

"After the FTA goes into effect, the government will establish the Joint Commission and committees by sector through consultations with New Zealand for discussions on the implementation of the FTA," the ministry said. (Yonhap)