Potential Korea deal sparks optimism
TVNZ, New Zealand
Potential Korea deal sparks optimism
24 February 2008
A potential free trade agreement with Korea is being seen as the start of what could become a key economic partnership.
An independent study commissioned by the New Zealand and Korean governments says there will be substantial benefits for both countries if we can agree on a deal.
Stephen Jacobi of the New Zealand Business Forum says there are already important business links with Korea.
He says the overall relationship is already worth about $3.5 billion, and is reasonably balanced between exports and imports.
Jacobi says New Zealand must make sure it’s not left behind as regional trade agreements proliferate and that we need to find more markets around the globe.
He says places where New Zealand companies can sell added-value products are particularly important.
This means changes like moving away from raw logs to sawn timber - and if tariffs can come down that will be easier to do.
Jacobi says working with Korea would also encourage the spread of free trade around the Asia Pacific region.
Source: Reuters
