S. Korea, New Zealand discuss ways to expand ties on bilateral FTA

SEOUL, South Korea's trade ministry said Tuesday it has discussed ways to further expand bilateral economic ties with New Zealand by utilizing a bilateral free trade agreement (FTA) launched 10 years ago. Director General for FTA Policy Ahn Chang-yong met his New Zealand counterpart, Greg Andrews, for the 6th Meeting of the Korea-New Zealand FTA Joint Commission in Seoul, according to the Ministry of Trade, Industry and Energy. During the meeting, the two countries discussed the achievements made through the FTA, along with ways to support export and import firms, as well as other strategies to expand cooperation. South Korea's exports to the Oceanian nation came to US$2.86 billion in 2023, more than doubling from $1.26 billion in 2015. South Korea and New Zealand also noted that the increase in working holiday visa issuance, agreed upon in the context of the FTA, has helped expand personnel exchanges between the two countries. "The two countries agreed to promote free trade and address protectionism thr ough not only the FTA but also the Regional Comprehensive Economic Partnership, Indo-Pacific Economic Framework and the Digital Economy Partnership Agreement," Ahn said. Source: Yonhap News Agency