Roundtable Meeting on Korea-New Zealand FTA

A roundtable meeting between Korean and New Zealand government officials was held in Seoul on April 21 to review the result of the joint study on a possible Korea-New Zealand Free Trade Agreement (FTA). The joint study report, conducted by the Korean Institute of International Economic Policy (KIEP), the New Zealand Institute of Economic Research (NZIER) and the Centre for International Economics (CIE) last year, was presented to and assessed by the government officials from both sides.

The study showed that a bilateral FTA would increase the GDPs of Korea and New Zealand by USD 5.9 billion and USD 4.5 billion respectively. South Korea’s export to New Zealand will grow by USD 64 million, and New Zealand’s export to South Korea by USD 329 million. There has also been an understanding shared by both sides that a Korea-New Zealand FTA would yield much broader spectrum of benefits than stated in the report.

On the basis of the joint study, Korea and New Zealand agreed to continue with the consultations over feasibility of the bilateral free trade agreement.

Roundtable Meeting on Korea-Australia FTA

A roundtable meeting between Korean and Australia government officials was held in Seoul on April 22 to review the result of the joint study on a possible Korea-Australia Free Trade Agreement (FTA). The joint study report conducted by designated private research institutes last year was presented to and assessed by the government officials from both sides.

The study showed that an FTA between Korea and Australia would increase the GDPs of both countries by USD 29.6 billion and USD 22.7 billion respectively. South Korea’s export to Australia is expected to grow by USD 4.3 billion, and Australia’s export to South Korea by USD 7.5 billion.

On the basis of the joint study, Korea and Australia agreed to continue to work together for the promotion of the bilateral FTA.