South Korea and New Zealand To Push For Early Implementation Of Both Nations’ Free Trade Agreement
On Thursday, the Foreign Ministry of South Korea confirmed that the country and New Zealand have both agreed to push for the early implementation of their bilateral free trade agreement (FTA) in their efforts to boost ties in different sectors, such as culture and politics, reported Yonhap News Agency on Thursday.
The mutual agreement was decided on during the twelfth joint economic committee meeting of both countries in Seoul, which was spearheaded by Lee Tae Ho, South Korea's Deputy Foreign Minister for Economic Affairs, and his counterpart from New Zealand Deputy Secretary David Walker.
The Global Post reported on Thursday the New Zealand parliament approved the free trade agreement with South Korea, which brings the implementation of the deal closer. Trade Minister Tim Groser has also reportedly accepted the passing of the Tariff Amendment Bill.
South Korea is now working on the internal approval of the agreement from their side.
Both countries have been waiting for the ratification of the free trade agreement, which has been signed in March and has been awaiting settlement since June from the National Assembly.
Scoop Independent News added on Friday the implementation of the free trade act would result to a 33 percent decrease in tariffs on exports of kiwifruit from New Zealand to South Korea, which kiwifruit grower company Zespri paid $22 million in tariffs for last year at 45 percent.
South Korea and New Zealand consider the signed agreement "as a key institutional foundation for promoting bilateral ties not only in economic cooperation, but also in politics, culture and people-to-people exchanges" and have both agreed "to work closely together for the swift ratification and taking effect" of the pact.
Part of the discussion on Thursday is the call for New Zealand's cooperation in the working holiday and temporary employment programs, which is focused on helping qualified young South Koreans to acquire work experience in New Zealand.
Other discussions included in their lineup of plans are targeted on education, forestry and fisheries, infrastructures and the Antarctic. Both countries are also set to meet at the end of the year to have their first working level-talks regarding signing of a bilateral social security agreement.