logo logo

S. Korea, New Zealand to hold free trade negotiations next week

Xinhua, China

S. Korea, New Zealand to hold free trade negotiations next week

10 September 2009

SEOUL, Sept. 10 (Xinhua) — South Korea and New Zealand will hold the second round of bilateral free trade talks next week, South Korean trade ministry said Thursday.

The two sides will hold discussions on tariff concessions, services and investment for five days in Wellington, New Zealand starting from Monday.

According to the state-run Korea Institute for International Economic Policy, a free trade deal with New Zealand could boost South Korea’s gross domestic product by 0.08 percent annually.

Bilateral trade amount posted 1.95 billion U.S. dollars in 2008,with South Korea exporting goods worth 825 million U.S. dollars and importing 1.12 billion-U.S. dollar 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.

Recently reaching a free trade deal with the European Union, the country also wrapped up its free trade talks with India, settling the so-called comprehensive economic partnership agreement (CEPA) in August.

With respect to the free trade deal with the United States, signed in June 2007, both countries are waiting for legislative approval.

South Korea is also seeking similar trade deals with Australia, Canada and Mexico.