( dpa ) - New Zealand and South Korea are poised to start negotiating a free-trade pact after a joint study showed it would bring substantial economic benefits to both countries, Trade Minister Phil Goff announced Friday.
The study, carried out by private researchers, was commissioned as part of a strategic partnership agreement that both countries adopted in December 2006, Goff said.
He said the study provided a "strong foundation" for discussions on a free-trade agreement (FTA).
"We enjoy a highly complementary trading relationship, and an FTA would be mutually beneficial," Goff said.
Two-way trade was worth 2.7 billion New Zealand dollars (about 2.2 billion US dollars) in 2006-07, and Goff said that consumers in both countries stood to gain from increased opportunities for trade, investment, knowledge transfer and productivity gains.
New Zealand and South Korean officials are to meet in April to launch negotiations.
