S. Korean trade minister calls for balanced interest in FTA with New Zealand

By Park Sang-soo
SEOUL, June 10 (Yonhap) -- South Korea's top trade official said Wednesday that a
"balance of interest" is important in pushing for a free trade deal between his
country and New Zealand.

South Korea and New Zealand are holding their first round of free trade
negotiations in Seoul that runs through Friday aiming at concluding a free trade
agreement (FTA) by the end of the year.
"There are concerns about the competitiveness of dairy goods imported from New
Zealand," Kim Jong-hoon said at a meeting with businessmen from the two
countries. "It is important to maintain a 'balance of interest' in a free trade
agreement."
South Korea's agricultural sector is feared to be hurt most if imports of cheap
beef and other meats from the Oceanian country increase after the free trade deal
is concluded.
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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