Prime Minister's Column-Advancing New Zealand through trade 한뉴FTA 타결

On Monday last week I announced that New Zealand and the Republic of Korea have completed Free Trade Agreement (FTA) negotiations.

In July of 2013 when President Park and I met at the Korea-New Zealand summit, we committed to finalising this agreement, and I am very pleased to see such a good deal for both countries has been reached.

Korea is New Zealand’s sixth largest export destination for goods and services and our eighth largest import source, with total two way trade of $4 billion in the year ending June 2014.

Under this FTA, New Zealand exporters will save an estimated $65 million in duties in just the first year alone.

New Zealand and Korea have a long history of working together, dating back to the Korean War. This FTA will enhance our already strong relationship and will set the scene for an even closer relationship to develop in the future. 

In the last week I had the pleasure of hosting Chinese President Xi Jinping and First Lady, Madame Peng. This was President Xi’s third official visit to New Zealand, but his first as President, making it a very significant occasion. 

During this visit we held a number of talks on a wide range of important topics for both countries. We had a number of positive outcomes to announce during the visit.

One of these outcomes was the agreement to characterise the relationship between our nations as a Comprehensive Strategic Partnership, recognising the significance of the bilateral relationship to both countries

Another was the signing of ten new agreements and arrangements, including an amendment to the FTA that will enable programmes co-produced by New Zealand and Chinese companies to be officially broadcast on Chinese TV, where potential viewer audiences are huge.

China is now New Zealand’s largest trading partner and we have strong links in a number of areas including business, tourism and education.

The agreements, signed during President Xi time in New Zealand, are a further reflection that New Zealand’s relationship with China has never been in better shape.