Korea, New Zealand Seek Progress in FTA Talks

  • Arirang News

    July 06, 2010 11:16

    Korea and New Zealand promised to make headway with their trade talks in a summit at Cheong Wa Dae on Monday.

    In a joint statement released after the meeting, President Lee Myung-bak and New Zealand Prime Minister John Key said they agreed that improved trade relations would benefit both countries.

    Trade between the two nations reached US$1.7 billion last year. Industry watchers expect New Zealand's strength in agriculture may be the biggest hurdle for the envisioned trade accord as Korean farmers may oppose competition.

    Lee also said the two countries are working together not only in trade but also in global issues, while expressing his gratitude for New Zealand's support for the Korean government's handling of the March sinking of the Navy corvette Cheonan.

    For his part, Key promised his government's full support for peace and stability on the Korean peninsula.

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