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The fourth round of FTA negotiations between New Zealand and the Republic of Korea took place in Wellington from 11-14 May 2010.
After four rounds of negotiations good progress has been made in many areas, and three chapters are now substantively concluded (Competition and Consumer Policy, Labour and Environment). Initial offers for the elimination of goods tariffs were exchanged in September 2009, and initial services, investment and government procurement market access offers will be exchanged in June 2010.
The FTA negotiations with Korea are covering a comprehensive range of trade-related issues. In addition to chapters that will address various institutional and legal matters, the FTA should include:
The start of negotiations follows the joint announcement of the launch of negotiations in March during the visit to New Zealand of Korean President Lee Myung-bak, and several years of preparatory work, including two rounds of FTA preparatory talks between officials in 2008, and an independent joint study into the benefits of an FTA, completed in 2007. The study found that New Zealand and Korea are two of the most complementary economies in the Asia Pacific region, and concluded that an FTA would deliver economic benefits for both countries.
Korea is New Zealand's sixth largest market, taking goods worth nearly NZ$1.4 billion in 2008. Over the same period NewZealand imported NZ$1.3 billion worth of merchandise from Korea. NewZealand’s exports are dominated by primary products (food and wood products in particular), while New Zealand’s main imports from Korea are automobiles and electrical goods.
Korea is New Zealand’s sixth largest source of overseas visitors, with almost 80,000 Koreans visiting New Zealand in 2008. Korea is also NewZealand’s second largest source of overseas students.
It will be important for negotiators to have detailed information on business interests regarding an FTA with Korea throughout the negotiations. Although the initial public submissions process has closed, the Ministry continues to want to hear from any interested businesses or individuals on barriers or concerns they face in the Korean market.
If you have any questions or comments on the negotiations of an FTA with Korea, please contact Alana Hudson (coordinator for the New Zealand – Korea FTA):
Coordinator, New Zealand - Korea FTA
Ministry of Foreign Affairs and Trade
Private Bag 18-901
Wellington
