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Korea-NZ deal cuts trade barriers
The Korea-New Zealand Free Trade Agreement (FTA) will expand business opportunities for the two countries, the New Zealand Chamber of Commerce in Korea, "The Kiwi Chamber," believes.
The deal, which formally comes into effect on Dec. 20, will strengthen trade between Korea and New Zealand, which is worth about 3.3 trillion won a year.
"It is now time for businesses from both countries to seize the tremendous opportunities the Korea-New Zealand FTA presents," said Tony Garrett, chairman
of the Kiwi Chamber.
"The Kiwi Chamber is well placed to assist in this area, and our full efforts in the coming years will be to continue supporting the development of this important trade partnership."
According to the chamber, the agreement is expected to reduce tariffs on New Zealand exports to Korea, its sixth-largest trading partner, by 56 billion won in the first year.
Key tariffs to be eliminated over time include the duty on kiwifruit (45 percent), butter (89 percent), beef (40 percent), wine (15 percent) and up to 11 percent on most processed wood products.
"For the last six years, Kiwi Chamber efforts have focused on concluding the FTA and now our energies will shift toward maximizing it," the chairman said.
Since 2009, the Kiwi Chamber has been working with government and business to create the free trade agreement — one that lays the groundwork for investors and exporters from both countries to expand.
The Kiwi Chamber, launched in 2008, has more than 250 members. It supports New Zealand businesses in Korea and Korean businesses interested in the New Zealand-Korea commercial relationship.
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| Award ceremony: The U.S. Ambassador to Korea Mark Lippert, left, poses with Park Jin, the president of Harvard Alumni Association in Korea at the Westin Chosun hotel in Seoul on Dec. 6. The ambassador received an award from the alumni for his contribution on strengthening relations between Korea and the U.S. / Yonhap |
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Lecture fosters cooperation with Korea
Omani Ambassador to Korea Mohamed Alharthy held a lecture at Sun Moon University as part of efforts to promote the country and foster cooperation with Korea.
The ambassador spoke to students and academic staff on the historic, cultural and civilization aspects of Oman and its role in international trade and navigation through the ages.
The event, part of his lecture series, was organized by the Korea Arab Society to promote understanding and share knowledge.
Alharthy also talked about developments during the Renaissance and the country's experience in promoting tolerance and coexistence and spreading peace
and dialogue.
The ambassador met university president Hwang Sun-jo and gave him books about Omani history, culture and literature in Arabic and English that students and researchers can use as references.
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Seminar held to boost ties with Korea
The Embassy of Morocco in Seoul hosted a seminar on Dec. 11 to strengthen ties with Korea.
The "Morocco-Korea: Towards a win-win Partnership in Africa," jointly organized with the Korea Africa Center and the Korea Chamber of Commerce and Industry, focused on the importance of Africa for Morocco and Korea, and the opportunities
Morocco offers as a gateway to Africa.
The seminar focused on two sessions — "Africa as a Hub for Investment and Trade Opportunities: Moroccan and Korean perspectives" and the "Political and economic situation in Morocco and Africa: a catalyst or inhibitor of Korean Investment."
Panelists included Dean of the School of Law, Economics and Social Sciences of the University Mohammed V, Rabat Morocco, Hammes Khaled; Lee Han-kyu, professor at the Institute of African Studies at Hankook University of Foreign Studies; Choi
Yoon-kwang, adviser to the Ministry of Foreign Affairs and former Samsung CEO; Shim Jae-seok, "Buy World Sarl" Morocco CEO, and El Bouchikhi Mohammed, professor of the Sun Moon Center of Islamic Studies at Sun Moon University.
"The seminar aims to provide an exchange platform for participants to discuss how Morocco and Korea can join hands to establish a mutually profitable partnership in a promising and business-friendly environment," an embassy spokesperson said.
