Home / Knowledge / News / Textiles / New Zealand PM agrees to initiate bilateral free trade
New Zealand PM agrees to initiate bilateral free trade
16
May '08
South Korea and New Zealand have concluded a mutual contract to start exploring potential markets in each others country by means of a free trade agreement.

This agreement was reached at a summit between Mr Lee Myung-Bak, President of South Korea and Helen Clark, Prime Minister of New Zealand.

Ms Helen Clark was on a three-day official visit to South Korea which culminated in a agreement between the two leaders who also agreed to launch preparatory talks to discuss the feasibility of a bilateral free trade.

New Zealand exports to the Republic of Korea, its sixth largest export market, increased by 21 percent in 2007.

A research study made by experts show that initiation of bilateral trade would add US $5.9 billion to the GDP of South Korea every year and $4.5 billion to that of New Zealand.

Besides, annual exports of New Zealand to South Korea would also jump by 60 percent or $329 million while South Korea's shipment to New Zealand would rise by 11 percent to $64 million.

Moreover, imports to New Zealand from Korea include technology and petrol among others. Korea is also a world leader in the information and communications technology.

Both the heads shared the view that there is immense scope for expanding bilateral trade since the countries have complementary economic structures.

Must ReadView All

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Textiles | On 23rd May 2017

Grasim's VSF business net revenue up 12% in Q4 FY17

The viscose staple fibre (VSF) business of Grasim Industries has...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search