(MENAFN- Qatar News Agency) South Korea and New Zealand have agreed to resume their negotiations for a bilateral free trade agreement (FTA), the South Korean government said Tuesday.
A fresh round of negotiations, the fifth of its kind, will be held in February in New Zealand, according to the South Korean Ministry of Trade, Industry and Energy
The talks were last held in May 2010
The agreement came at a bilateral meeting between South Korean Trade Minister Yoon Sang-jick and New Zealand's Tim Groser, both of whom are currently visiting Bali, Indonesia, for the World Trade Organization Ministerial Conference, according to South Korea's (Yonhap) News Agency
"The two sides have agreed to hold discussions on all issues, including market access for products and ways to ensure a balance between benefits for both countries," the ministry said of the meeting held earlier Tuesday in Bali
South Korea is making efforts to conclude most of its pending bilateral FTA negotiations before joining or concluding regional trade agreements
Just last month, the country resumed its bilateral FTA talks with Canada after a five-year pause while also announcing the resumption of its separate negotiations with Australia, which have stalled since 2010
South Korea has said it will seek to become a "linchpin," or a bridge between advanced and developed countries each best represented by the United States and China, through its bilateral and multilateral free trade deals
Last week, it expressed interest in joining negotiations for another regional FTA led by the United States, known as Trans-Pacific Partnership (TPP), which include both Australia and New Zealand.
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