New Zealand seeks free trade, film pact with South Korea
Wednesday November 2, 2005
NEW ZEALAND SEEKS FREE TRADE, FILM PACT WITH SOUTH KOREA
SEOUL, Nov 2 Asia Pulse - New Zealand will pursue talks for free trade and a deal for joint film production with South Korea when their government officials meet during the APEC forum in Busan next month.
"We’d be delighted to talk about a free trade agreement as we’ve talked about it already, and we’d be delighted to see President Roh visit New Zealand at some point in the future," David Taylor, ambassador of New Zealand to South Korea, told Yonhap News Agency in a recent interview.
Wellington has already made a proposal to Seoul to start talks for a free trade agreement (FTA), citing their complementary economies, with South Korea strong in high technology and New Zealand competitive in agricultural and livestock industry.
"Unfortunately, we haven’t yet got a date for the beginning of negotiations. We have made it clear at the highest level to South Korean government officials that we are ready, that we are looking forward to it," he said.
The prospect for an FTA was first raised when the then leaders of the two countries, President Kim Dae-jung and Prime Minister Jenny Shipley, met on the sidelines of the APEC summit in Auckland in 1999.
Officials have yet to sit down at the table, however, as South Korea has expressed reservations about their trade deal. South Korea’s Foreign Ministry says its agricultural industry would likely suffer from cheaper imports from New Zealand, while the small market size comprising just 3.95 million people would not offer significant benefits for South Korean exporters of manufactured goods.
New Zealand, however, sees a win-win situation for the two nations.
"New Zealand does not grow any rice. We don’t compete in any major areas with South Korea."
"Handsets, flat screen TVs and microwaves from top brands LG and Samsung, Kumho tires and Hyundai cars, they all have important market shares in New Zealand. All Korean products are well-known in New Zealand," Taylor said.
Trade between the two countries has grown in recent years, mostly in New Zealand’s favor. South Korea’s exports last year to the "Land of the Long White Cloud" were US$20.3 million, compared to US$23.1 million in imports. New Zealand buys South Korean synthetic resin, iron, cars, mobile phones and petrochemical products, while South Korea buys lumber, petrochemical projects, aluminum, animal skins and meat.
New Zealand is one of the strongest believers in the region in the benefits of free trade. It was a founding signatory to the world’s first intercontinental FTA, the Trans-Pacific Strategic Economic Partnership, along with Singapore, Brunei and Chile. Another topic for discussion at APEC will be the two countries’ film industries, the envoy said. New Zealand has been seeking a joint movie production pact with South Korea in recent years to have each other’s films treated the same as home-made ones.
The agreement, if signed, would benefit New Zealand films screening in South Korean theaters. South Korea currently has a screen-quota system that requires local theaters to assign at least 40 per cent of their screening times to domestic movies.
Naming popular New Zealand productions "Lord of the Rings," "Whale Rider" and "In the Father’s Den," the envoy said the two countries have an affinity in the industry.
"Both have strong growing film industries with very creative film makers, it is clear there is a great opportunity for working together," he said.
The embassy is currently hosting a one-month New Zealand film festival in South Korea, presenting 22 Kiwi films in five major cities across the country until Nov. 9.
"This is the biggest diplomacy thing we’ve ever done in Korea. I’m very excited, and we only hope that Koreans enjoy the diversity of New Zealand films," he said.
(Yonhap)
