Winston Peters calls Fonterra vote result 'utter madness'
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
-
font size
decrease font size
increase font size
As New Zealand marks the one-year anniversary of its Free Trade Agreement (FTA) with South Korea, Fonterra is gearing up to take advantage of huge potential for its dairy products there, particularly cheese.
Since the FTA was signed in December 2015, New Zealand has experienced 16% growth in exports of food and beverage products to Korea.
The country is New Zealand’s fifth largest cheese market, worth US$50 million (NZ$70m) a year – comparable to New Zealand’s cheese trade to the United States.
New Zealand’s new annual duty free quota of 7000 metric tonnes (MT) of cheese to Korea will increase by three per cent a year.
Tariffs on cheddar and block mozzarella will be removed after seven and 12 years respectively, with all cheese tariffs eliminated and quotas removed after 15 years.
Quotas and tariffs on butter, anhydrous milk fat and infant formula will also be phased out over 15 years.
Fonterra has seen strong interest in its products off the back of the Agreement, reflecting the growing demand for high quality dairy in Korea, Jason Murney, Fonterra’s country manager Korea, said.
“A lot of our existing customers and new customers are approaching us to develop new business opportunities,” he said.
“The FTA will help Fonterra deepen its commercial relationships in the market over time, as our access continues to increase.”
More like this
Winston's crusade
OPINION: A short-term sugar hit. That's what NZ First leader Winston Peters is calling the proposed sale of Fonterra's consumer and associated businesses.
Fonterra executive named new Massey University vice chancellor
When Professor Pierre Venter takes up his new role as vice chancellor at Massey University next February it will just be a matter of taking a few steps across the road to get to his new office at the Palmerston North Campus.
Survey shows most Fonterra farmers plan to use capital return for debt reduction
A large slice of the $3.2 billion proposed capital return for Fonterra farmer shareholders could end up with the banks.
Fonterra’s $3.2b capital return to farmers set to boost rural incomes and NZ economy
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
Popular Reads
Fonterra to boost UHT cream production with $150m plant
With Fonterra's UHT plant at its Edendale site less than a year from completion, demand continues to grow for products…
Bold taste wins gold medal
Alliance Group's Pure South Handpicked 55 Day Aged Beef has been recognised on the world stage, securing top honours at the…Pamu and LIC to launch Synergizer
The first calves of a new crossbred dairy-beef offering are now on the ground at a Pamu (Landcorp) farm near…Divestment means Fonterra can focus on its strengths
OPINION: Fonterra's board has certainly presented us, as shareholders, with a major issue to consider.Rising energy prices put NZ meat processing industry under pressure
Rising energy prices are putting financial pressure on the meat processing industry, according to the chair of Meat Industry Association, Nathan…Featured
Dean Astill reflects as Young Horticulturist of the Year comp turns 20
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
Carrfields invests in new Ashburton R&D hub
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
Winston Peters calls Fonterra vote result 'utter madness'
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
Elite sheep dogs to go head-to-head at Ashburton A&P Show
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves as dairy farmers shift to beef breeding
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
Low-footprint feed drives high-profit, low-emissions dairy
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.
National
Dairy farmers welcome NZ’s revised 2050 methane target
The Government's revised 2050 biogenic methane target range of 14-24% by 2050 is being welcomed by dairy farmers.
Distance education on the rise - Massey University
An increasing number of students are doing agricultural and horticultural degrees at Massey University by distance learning.Fonterra executive named new Massey University vice chancellor
When Professor Pierre Venter takes up his new role as vice chancellor at Massey University next February it will just…DairyBase and Farm Focus partner to provide benchmarking
Two rural data organisations - DairyNZ’s DairyBase and Farm Focus - have formed a new partnership that aims to remove…BNZ launches First Farm initiative to support aspiring dairy farmers
BNZ says it is backing aspiring dairy farmers through an innovative new initiative that helps make the first step to farm…Machinery & Products
New pick-up for Reiter R10 merger
Building on experience gained during 10 years of making mergers/ windrowers, Austrian company Reiter has announced the secondgeneration pick-up on…
NH tractor powered by methane goes on sale
First unveiled in 2023, New Holland has announced the addition of the T7.270 Methane Power CNG (Compressed Natural Gas) tractor…Krone EasyCut B1250 fold
In 2024, German manufacturer Krone introduced the F400 Fold, a 4m wide disc front mower, featuring end modules that hinge…Safer Farms issues safety alert on ATV rollovers when towing calf milk trailers
Rollovers of quad bikes or ATVs towing calf milk trailers have typically prompted a Safety Alert from Safer Farms, the…Cheetah Electronics launches Rodent Shield to protect agricultural machinery from rodent damage
With the increased arrival of technology in modern agricultural machinery, it invariably means more wiring and electronic control modules. This brings…» Latest Print Issues Online
Milking It
Microplastics problem
OPINION: Microplastics are turning up just about everywhere in the global food supply, including in fish, cups of tea, and…
Job cuts
OPINION: At a time when dairy prices are at record highs, no one was expecting the world's second largest dairy…
» eNewsletter
