S. Korea, New Zealand launch FTA negotiations, vow cooperation

By Byun Duk-kun
AUCKLAND, New Zealand, March 3 (Yonhap) -- South Korea and New Zealand will soon
hold their first round of negotiations on concluding a trade pact, possibly
before the end of the year, following their leaders' declaration Tuesday to start
official talks for a free trade agreement (FTA).

The declaration came at a summit between the visiting South Korean President Lee
Myung-bak and New Zealand Prime Minister John Key, where the leaders also called
for greater cooperation between the countries on other bilateral and regional
issues, including the North Korean nuclear threat.
The FTA talks could start as early as in June, an official from the South Korean
presidential office said, asking not to be identified.
"The two leaders declared the start of negotiations for a FTA, which will shape
the future economic relationship of the two countries, and expressed hope the
Korea-New Zealand FTA will be signed at an early date," a joint statement
released at the end of the summit said.
Lee, currently on a three-nation trip, arrived here earlier in the day for a
two-day visit, and has also met with Anand Satyanand, Governor General of New
Zealand. This week's trip will also take him to Australia and Indonesia.
The FTA, if signed, is expected to help significantly expand bilateral trade
between the two countries, which already is on a steady rise since it topped
nearly US$1.9 billion in 2007, according to South Korean officials here.
"The two heads of state noted the countries have plenty of room to expand their
trade and investment because of their complementary economic structures and
agreed to strengthen their cooperation to reach these goals," the statement said.
The leaders also agreed to step up their cooperation in various international
forums, such as the Asia-Pacific Economic Cooperation and the Asean Regional
Forum, to realize their "mutual goals," it said.
On the North Korean issue, the two reaffirmed six-way talks among the two Koreas,
the United States, Japan, China and Russia were the best way to denuclearize the
communist nation.
bdk@yna.co.kr
(END)