Bargylus wine is poured into a glass during a tasting session in Beirut
Bargylus wine is poured into a glass during a tasting session in Beirut September 3, 2014. Amid the war in Syria, one hillside vineyard still produces wines that are served in the Michelin-starred restaurants of London and Paris. It has been a struggle to keep Syria's last commercial vineyard open, the owner of Domaine de Bargylus says. The war, which started in 2011, has engulfed the whole country, and militias on both sides fight in every province. Picture taken September 3, 2014. Reuters

The New Zealand winegrowers are ecstatic at the recently concluded free trade agreement between New Zealand and the Republic of Korea. Philip Gregan, CEO, NZ Winegrowers, said the "FTA is going to give a big fillip to wine exports." Mr. Gregan said tariff free access to South Korea right from the start of the deal is a significant boost in bolstering the export ambitions into a key Asian market, reported Scoop.Co.Nz

Philip Gregan noted that until this Korean deal, New Zealand wine industry has not been in an advantageous position in South Korea where a number of competitors enjoyed tariff-free access. Now, the duty free access under the agreement gives a level playing field for New Zealand, and the idea that the Korean market is up for grabs is stimulating to the New Zealand wine exporters. Currently, New Zealand's wine exports to South Korea are valued at $2 million as of June 2014, while its total wine export is more than $1.3 billion.

New Edge

Under the South Korea FTA, New Zealand wineries will be able to compete on an equal footing from other producers around the world, reports The Drink Business. NZW has projected that its global exports will hit $2 billion by the end of this decade. Gregan pointed to the growth opportunity from free trade agreements with major wine-producing regions such as Chile, the U.S. and the European Union.

A Deloitte report throws more light into the dynamics of New Zealand wine industry and points to rising graph as a contributor to the New Zealand economy. With annual export earnings of more than $1.2 billion, the New Zealand wine industry is the country's eighth most valuable export earner. The wine industry has established itself as a premium producer of wine with a variety of wines enjoyed by customers locally and overseas. The New Zealand wine industry is looking to drive the growth by tapping the enormous opportunity from the strong demand existing in key markets, notably Australia, the U.K. and the U.S. besides many Asian and continental European markets.

The industry has succeeded in scripting yet another success story for New Zealand, with its exports trudging gradually from $200 million, 10 years ago to become one of New Zealand's top 10 export earners.