S. Korea, New Zealand to start free trade talks next week

By Park Sang-soo
SEOUL, June 4 (Yonhap) -- South Korea and New Zealand are to hold their first
round of free trade negotiations in Seoul next week following similar talks
recently concluded with Australia, the Ministry of Foreign Affairs and Trade said
Thursday.

The move is a follow-up measure to an agreement between South Korean President
Lee Myung-bak and New Zealand Prime Minister John Key in March to launch free
trade talks soon.
Two-way trade reached U$1.87 billion in 2007, with New Zealand being South
Korea's 42nd largest trading partner.
South Korea imports mainly beef and aluminum from New Zealand while exporting
steel and autos to the Oceanian country.
According to the state-run Korea Institute for International Economic Policy
(KIEP), a free trade deal with New Zealand could boost South Korea's gross
domestic product by 0.08 percent annually.
Currently, South Korea has free trade agreements with Chile, Singapore and the
European Free Trade Association, as well as a partial pact with the Association
of Southeast Asian Nations. Seoul is also seeking similar trade deals with the
United States, Canada, India and Mexico.
sam@yna.co.kr
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