WELLINGTON, Dec. 3 (Xinhua) -- New Zealand Trade Minister Tim Groser welcomed South Korea's decision to resume formal negotiations on free trade agreement, following a meeting Tuesday in Bali with his South Korean counterpart Yoon Sang-jick.
"The resumption of negotiations was discussed by Prime Minister John Key and South Korean President Park Geun-hye during the Prime Minister's recent visit to Seoul in July. I am pleased that their shared determination to conclude a free trade agreement has led to this point," Groser said in a statement.
"This is an important step. (South) Korea is one of New Zealand' s biggest and most important trading partners," he added.
In the year ending June 2013, total trade between New Zealand and South Korea was 3.5 billion NZ dollars (2.9 billion U.S. dollars).
Trade negotiations are scheduled to resume in February 2014.
New Zealand trade minister to attend WTO Ministerial Conference
WELLINGTON, Dec. 2 (Xinhua) -- New Zealand Trade Minister Tim Groser will depart Monday for Bali, Indonesia to attend the 9th World Trade Organization Ministerial Conference running from Dec. 3-6.
At the Conference, Groser will give his support to final efforts to achieve a package of new trade measures. Full story