S. Korea, New Zealand agree on concerted efforts on free trade negotiations
Yonhap News. Seoul
S. Korea, New Zealand agree on concerted efforts on free trade negotiations
12 September 2009
SEOUL, Sept. 12 (Yonhap) — South Korea and New Zealand have agreed to make more efforts on the ongoing bilateral free trade negotiations to produce tangible results, Seoul’s foreign ministry said Saturday.
The two countries held a policy consultation meeting in Wellington on Friday, just ahead of launching their second round of free trade negotiations next week, according to the ministry.
Both sides are scheduled to discuss key issues such as tariff concessions, services and investment during the five-day session in Wellington that starts Monday.
Trade between the two countries reached U$1.95 billion in 2008, with New Zealand being South Korea’s 48th-largest trading partner.
South Korea exported goods worth $825 million last year to the island nation, and imported $1.12 billion worth of goods.
Currently, South Korea has free trade agreements with Chile, Singapore and the European Free Trade Association, as well as a similar pact with the Association of Southeast Asian Nations.
South Korea concluded a free trade deal with the European Union. The country also wrapped up a free trade deal with the United States in June 2007, but it is still awaiting legislative approval from both countries.
South Korea is also seeking similar trade deals with Australia, Canada and Mexico.
