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S. Korea, New Zealand to begin FTA talks
(Xinhua)
Updated: 2009-03-03 20:04 AUCKLAND, New Zealand -- Visiting South Korean President Lee Myung-bak and New Zealand Prime Minister John Key announced in Auckland on Tuesday that they agreed to begin negotiations on a bilateral Free Trade Agreement. The two leaders made the announcement at a joint press conference following their meeting. They hoped the FTA negotiation, which would set the framework for future economic engagement between the two countries, would be concluded as early as possible.
"We're hopeful that this agreement could be negotiated quite quickly, to send a strong signal as countries face a global recession," Key told reporters. "We are not going to put up protectionist barriers as we seek to find solutions to the challenge that's gripping the world at the moment," he added. South Korea is an important bilateral partner for New Zealand and is New Zealand's sixth largest export market, Key said. The two-way trade between South Korea and New Zealand was recorded at $1.9 billion in 2007. A New Zealand study released in February 2008 said a free trade agreement between New Zealand and South Korea could double exports within five years and offer major benefits for both economies. Key told reporters that both countries have complimentary economies and he believed the years ahead can be very successful for New Zealand and Korea. The FTA with South Korea would provide great opportunities for New Zealand, Key added. The two leaders also shared their concerns for the deepening economic crisis and emphasized the importance of maintaining open markets. The South Korean president, who will attend the G20 Summit next month, described their talks as "productive." Lee reaffirmed that the two sides share many of the same opinions on many critical issues, and they will work together to enhance cooperation. "We agreed there needs to be a reform of the current global financial institution. In order for us to overcome the global economic crisis we agreed fully that ... no economies or governments should fall to the temptation of protectionism," the South Korean president said. "Protectionism, although it may be beneficial for one country for a very short period of time, does not have any long-lasting effect, nor will it help in the recovery of the global economy," Lee told reporters. The two leaders also discussed the importance of educational links, and collaboration in the fields of food innovation, renewable energy and nanotechnology. Both leaders agreed to strengthen cooperation on green growth, including collaboration on clean energy sources. They committed their countries to work together in addressing regional responses to the current global financial and economic situation, and to promote opportunities for closer regional economic integration. They also agreed to continue annual Foreign Ministers' meetings and high-level contacts. The South Korean president added that the South Korean companies were interested in being involved in New Zealand's ultra- fast broadband services. During the talks, the two leaders also discussed inter-Korean relations and security on the Korean Peninsula. Key reaffirmed New Zealand's support for the Six Party Talks as the best process to achieve denuclearisation of the Korean Peninsula and welcomed South Korea's efforts to promote peace on the Korean Peninsula through dialogue. The two leaders also affirmed that New Zealand and South Korea would cooperate closely to achieve shared objectives in regional institutions such as the East Asia Summit, the Asia Pacific Economic Cooperation and the Association of South East Asian Nations Regional Forum, according to a joint statement. The South Korean president arrived in Auckland on Tuesday morning kicking off a 24-hour visit to New Zealand. He went to the New Zealand Institute for Plant and Food Research on Tuesday morning, followed by a wreath laying at the Auckland War Memorial. Lee had an official ceremony of welcome at the Government House hosted by New Zealand Governor-General Anand Satyanand, followed by a state luncheon. He spent the evening at a Korean-New Zealand business function in Auckland, followed by a Korean community function. New Zealand is the first leg of the South Korean president's three-nation tour which will also take him to Australia and Indonesia. He will fly to Sydney on Wednesday morning. |
