Tuesday March 3, 2009
South Korea, New Zealand to negotiate trade deal
WELLINGTON, New Zealand (AP) - New Zealand and South Korea agreed Tuesday to begin negotiations toward a bilateral free trade agreement as soon as possible.
The decision follows talks between Prime Minister John Key and South Korea's President Lee Myung-bak in the northern New Zealand city of Auckland.
In a joint statement after their meeting, the leaders said the "complementary economic structure" of the two nations provided opportunities to increase trade and investment.
Two-way trade between New Zealand and South Korea is worth over NZ$2.4 billion ($1.2 billion) a year. South Korea is New Zealand's sixth biggest export market.
The two leaders also agreed their countries should work together on regional responses to the current global financial and economic crisis, and to promote opportunities for closer regional economic integration.
They "emphasized the importance of maintaining open markets and the role of ongoing trade liberalization in restoring economic growth," a message similar to that from the Association of Southeast Asian Nations summit in Thailand at the weekend.
New Zealand and neighbor Australia signed a free trade agreement with the 10-nation ASEAN grouping in Thailand last Friday.
A New Zealand study released in February 2008 said a free trade agreement between it and South Korea could double exports within five years and offered major benefits for both economies.
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