10-Year Fermentation of the 'Han-New Zealand FTA'... Joint Committee Holds Meeting to Discuss Measures to Enhance Convenience for Export and Import Companies

The Ministry of Trade, Industry and Energy held the 6th Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting with the New Zealand Ministry of Foreign Affairs and Trade on the 28th in Seoul.

This Joint Committee meeting was held about four years after the 5th meeting in 2020. The committee included a delegation of about 20 government representatives from both countries, led by Ahn Chang-yong, Director of FTA Policy at the Ministry of Trade, Industry and Energy for Korea, and Greg Andrews, Director at the New Zealand Ministry of Foreign Affairs and Trade, as chief representatives.

The Korea-New Zealand FTA, which came into effect in December 2015, is now in its 10th year of implementation. New Zealand applies tariff-free treatment to 100% of items, while Korea applies it to 93.9% of items. This high level of market openness has greatly contributed to the increase in trade between the two countries. Exports to New Zealand increased by 126%, from $1.26 billion in 2015 to $2.86 billion in 2023, and Korea-New Zealand trade grew by 84.8%, from $2.49 billion to $4.6 billion during the same period.

Additionally, through the Agricultural, Forestry and Fisheries Cooperation Agreement agreed upon at the time of the FTA signing and the expansion of the New Zealand Working Holiday visa quota, active economic cooperation and human exchange have been taking place between the two countries.

At this Joint Committee meeting, the achievements of the Korea-New Zealand FTA, measures to enhance convenience for export and import companies, and cooperation activities under the FTA, among other issues of mutual interest, were discussed.

Director Ahn stated, "In addition to the bilateral FTA, both countries, as joint parties to various multilateral trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the Indo-Pacific Economic Framework (IPEF), and the Digital Economy Partnership Agreement (DEPA), have agreed to actively cooperate in spreading free trade within the region and responding to protectionist trends."