South Korea and New Zealand on Monday agreed to further expand their bilateral relationship and step up regional cooperation on security and economic issues.

During their meeting, President Lee Myung-bak and New Zealand Prime Minister John Key discussed how they would pursue a free trade agreement that would help further enhance bilateral trade.

“They reaffirmed their expectation to conclude the Korea-New Zealand FTA as early as possible. Both recognized the mutual benefits in working closely together toward enhanced trade and economic links and the opportunities existing for new trade in both directions,” the presidential office of Cheong Wa Dae said.

In particular, the leaders sought ways to increase exchange in the areas of information technology and communications, in addition to energy and natural resources. 

Lee and Key also expressed their strong commitment further to deepen cooperation in education, culture, film, agriculture and forestry.

Further, they pledged to work together to tackle global issues such as climate change and ways of developing renewable energy.

The two nations have sought an FTA based on studies showing that such a deal would be mutually beneficial as there were no notable competing markets between South Korea and New Zealand.

Touching on the need for security cooperation, President Lee thanked Prime Minister Key for his support in Seoul’s handling of the sinking of the Cheonan.

The 1,200-ton Navy corvette sunk in the West Sea in March this year, killing 46 of the sailors aboard.

South Korea, in partnership with four other nations, conducted an investigation and concluded that North Korea was the culprit behind the sinking.

Pyongyang continues to deny its role.

Seoul has now referred the issue to the U.N. Security Council and is awaiting an official response, preferrably in the form of a resolution or a president’s statement denouncing the North.

New Zealand was among the numerous nations that expressed support for Seoul and the Cheonan probe.

The prime minister on Monday reaffirmed his support by condemning the attack on the Cheonan and expressed his condolences to the bereaved families.

He also underscored New Zealand’s commitment to help maintain peace and security on the Korean Peninsula.

The country had sent troops to South Korea during the 1950-53 Korean War. This year marks the 60th anniversary of the war that ended in a cease-fire.

South Korea and New Zealand first struck diplomatic ties with New Zealand in 1962.

Bilateral trade reached around $1.77 billion as of last year, according to government figures. South Korean investments in New Zealand reached around $320 million.

The New Zealand prime minister’s visit was to pay President Lee’s visit last year.

Key also met with business officials from both South Korea and New Zealand here during his trip.



By Kim Ji-hyun  (jemmie@heraldcorp.com)