KNZFTA has been in force for over six years now, and has provided a key underpinning for growth in our two-way trade since its implementation in December 2015.
Since KNZFTA’s entry into force, the Asia-Pacific regional economic architecture has evolved significantly with the conclusion of the Regional Comprehensive Economic Partnership (RCEP) and the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Our bilateral trade agreements with other trade partners have also evolved.
As like-minded partners, New Zealand and Korea have been working closely together to strengthen bilateral economic ties by ensuring that KNZFTA is fully utilised for the benefit of both the New Zealand and Korean people.
It is important that necessary steps are taken to ensure that KNZFTA remains a high quality, modern agreement that keeps pace with the other regional developments and continues to deliver benefits for both partners.
This makes it particularly timely for us to move forward to ensure that KNZFTA remains relevant to changing trade conditions.
New Zealand and Korea endorsed a work plan to review KNZFTA in December 2021. The purpose of this review is to look at ways in which bilateral trade and investment can be further expanded and promoted.