Korea and New Zealand officially signed a free trade agreement (FTA) on March 23.
After holding summit talks, President Park told New Zealand Prime Minister John Key, who is on an official visit to Korea, that, “The official signing of the FTA is a meaningful occasion which creates a new era in our 53-year-old bilateral diplomatic relationship.”

“The FTA signing offered an important foundation to upgrade bilateral cooperation in not only the economic sector, but also in various other sectors, including the arts, people-to-people exchanges, security and international relations. I hope this free trade pact can help bolster the mutual trust that exists between our two countries and increase the width and depth of our cooperation,” said the president.

Prime Minister Key expressed his gratitude to President Park for her leadership and for making many efforts to achieve free trade, from the early negotiations through to the signing of the FTA. He added that the free trade pact would be beneficial for both countries and help spark a lot of development. Mentioning his previous visit to Korea in 2013 to attend the ceremony to mark the 60th anniversary of the Korean Armistice Agreement, he said that the ceremony was a very meaningful event for New Zealand's war veterans.

“Signing this FTA will open a new era in our bilateral relationship,” said the New Zealand prime minister. He emphasized bilateral free trade deals by saying that the FTA would modernize the New Zealand-Korea economic relationship, help business activities & exchanges between enterprises from both countries, and expand exchanges by extending the working holiday visa program.

Prime Minister Key also said that the FTA symbolizes both countries’ will for opening markets and the economy of the Asia-Pacific region. He also hoped that the FTA could be ratified within the year so that firms from both countries could benefit from freer trade.




During the joint press conference after the summit, President Park said, “The Korea-New Zealand FTA secured balance in regard to the imbalances that existed in the goods sector by introducing various cooperation programs.” The cooperation programs she mentioned include offering opportunities to Koreans in the agriculture or fishing industries to study, receive training or conduct research in New Zealand, and expanding the visa quota for working holiday programs for youth or experts who wish to work in New Zealand to engage in various career-related activities.

Prime Minister Key said that the signing of the FTA means the possibility of more cooperation. He explained that more Korean companies could penetrate New Zealand markets, as some tariffs will be lowered, which will also affect firms in New Zealand. He said that it would also enhance people-to-people exchanges among students and tourists of the two countries. He further added that the signing of the FTA is not the end, and that it simply shows that there will be more opportunities to enter new markets in the future.

The New Zealand prime minister said, “Korea is a good, mutually beneficial partner for New Zealand, and an old ally. The government, companies and public officers will work together for a successful outcome in the future.”

Article by Yoon Sojung
Photos: Jeon Han
Korea.net Staff Writers
arete@korea.kr