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The 6th Korea-New Zealand FTA Joint Committee held

Published May 29, 2024

Tridge summary

The Ministry of Trade, Industry and Energy of South Korea and the Ministry of Foreign Affairs and Trade of New Zealand held the 6th Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting in Seoul, following a four-year gap since the 5th meeting in 2020. The meeting was attended by around 20 government delegations from both countries, focusing on the performance of the Korea-New Zealand FTA, which has led to tariff-free trade for 100% of New Zealand's products and 93.9% of Korean products. The trade volume between the two countries has seen a significant increase, with Korea's exports to New Zealand projected to reach $2.86 billion in 2023, a 126% increase from 2015. The meeting also explored ways to enhance convenience for import and export companies and discussed cooperative activities under the FTA. Both countries expressed commitment to supporting free trade in the region by being party to various multilateral trade agreements.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Ministry of Trade, Industry and Energy held the 6th Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting with New Zealand's Ministry of Foreign Affairs and Trade in Seoul on the 28th. This joint committee was held four years after the 5th joint committee in 2020, and about 20 government delegations from both countries participated, led by Ahn Chang-yong, Director of FTA Policy at the Ministry of Trade, Industry and Energy, and New Zealand's Director-General of the Ministry of Foreign Affairs and Trade Greg Andrews, respectively, as chief representatives. The Korea-New Zealand FTA, which came into effect in December 2015, is in its 10th year of implementation, and tariff-free tariffs are applied to 100% of New Zealand's products and 93.9% of Korean products. Based on this high level of market openness, the volume of trade between the two countries is steadily increasing. Korea's exports to New Zealand in 2023 will amount to $2.86 billion, a 126% increase from ...
Source: Nongmin
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