SKorea, New Zealand agree to explore FTA feasibility
South Korea and New Zealand have agreed to start talks on exploring the feasibility of a bilateral free trade agreement.
By Agencies |
SEOUL: South Korea and New Zealand have agreed to start talks on exploring the feasibility of a bilateral free trade agreement, the presidential Blue House said on Friday.
The agreement was struck at a summit between President Lee Myung-Bak and New Zealand Prime Minister Helen Clark who arrived here Thursday for a three-day official visit, it said.
"The two leaders ... agreed that the two governments will launch preparatory talks to discuss the feasibility of a bilateral free trade agreement, focusing on the extension and expectations of such an agreement," it said.
The two leaders shared the view that there is much room for the two countries to expand bilateral trade and investment because their economic structures are mutually complementary to each other.
They also agreed to expand cooperation in the fields of energy and resources as South Korea is grappling with the global hikes in prices of oil and raw materials.
A joint research by the two countries showed a bilateral free trade agreement would add $5.9 billion to South Korea's GDP every year and $4.5 billion to that of New Zealand.
New Zealand's annual exports to South Korea would also jump 60 per cent or $329 million while South Korea's shipment to New Zealand would increase 11 per cent to $64 million, according to the study published last month.
The agreement was struck at a summit between President Lee Myung-Bak and New Zealand Prime Minister Helen Clark who arrived here Thursday for a three-day official visit, it said.
"The two leaders ... agreed that the two governments will launch preparatory talks to discuss the feasibility of a bilateral free trade agreement, focusing on the extension and expectations of such an agreement," it said.
The two leaders shared the view that there is much room for the two countries to expand bilateral trade and investment because their economic structures are mutually complementary to each other.
They also agreed to expand cooperation in the fields of energy and resources as South Korea is grappling with the global hikes in prices of oil and raw materials.
A joint research by the two countries showed a bilateral free trade agreement would add $5.9 billion to South Korea's GDP every year and $4.5 billion to that of New Zealand.
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New Zealand's annual exports to South Korea would also jump 60 per cent or $329 million while South Korea's shipment to New Zealand would increase 11 per cent to $64 million, according to the study published last month.
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