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

(ATTN: UPDATES with remarks from a joint press conference, additional details)
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.
In a joint press conference that followed the summit, the leaders said the
meeting was useful and that they also dealt with ways to overcome the global
economic crisis.
"We agreed protectionism may help a country for a while but that it will slow
down the recovery of the global economy and will continue to prevent economic
recovery," the South Korean president said.
Key, calling the meeting "very constructive," noted they also discussed joint
efforts to counter climate change and increase cooperation in developing
low-carbon, renewable energy sources.
The prime minister said he has also asked Seoul to take part in joint research
between his country and Australia to develop new carbon capture and storage
technology.
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 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," officials 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)