(LEAD) S. Korea, New Zealand start free trade talks

(ATTN: CHANGES headline, lead; ADDS quotes in 3rd para)
By Park Sang-soo
SEOUL, June 8 (Yonhap) -- South Korea and New Zealand began their first round of
free trade negotiations in Seoul on Monday following the conclusion of similar
negotiations with Australia, Seoul's trade ministry said.

The move is a follow-up measure to an agreement between South Korean President
Lee Myung-bak and New Zealand Prime Minister John Key during their meeting in
March.
"I expect discussions this time to help both sides conclude a free trade deal at
an earlier date," Kim Hae-yong, Seoul's chief negotiator for the talks, said
before starting the negotiations that run through Friday.
Trade between the two countries reached U$1.95 billion in 2008, with New Zealand
being South Korea's 48th largest trading partner.
South Korea exported goods worth $825 million last year to the island nation, and
imported $1.12 billion worth of goods. Korea imports mainly beef and dairy goods
from New Zealand while exporting petroleum products and autos.
According to the state-run Korea Institute for International Economic Policy, 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.
South Korea concluded a free trade deal with the United States in June 2007, but
it is still awaiting legislative approval from both countries.
South Korea is also seeking similar trade deals with the European Union,
Australia, Canada, India and Mexico.
sam@yna.co.kr
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