Korea-New Zealand Hold 'Economic Joint Committee' After 4 Years... Strengthening Cooperation on Critical Minerals and More

South Korea and New Zealand held the Economic Joint Committee for the first time in about four years to discuss ways to strengthen economic security cooperation between the two countries.

According to the Ministry of Foreign Affairs on the 20th, Kim Hee-sang, Director-General for Economic Diplomacy Coordination, met with Graham Morton, New Zealand's Deputy Secretary for Asia and the Americas, in Wellington, New Zealand, in the morning (local time) to hold the 16th Korea-New Zealand Economic Joint Committee. They discussed overall economic cooperation including trade and investment between the two countries, as well as ways to strengthen economic security cooperation.

Government officials, including Heesang Kim, Economic Diplomacy Coordinator (third from the left), met with Graham Morton, New Zealand Deputy Secretary for Asia and the Americas, and others in Wellington on the morning of the 20th to discuss agenda items for the Economic Security Committee. Photo by Yonhap News

The Korea-New Zealand Economic Joint Committee is a forum for discussions on economic and trade matters established following the agreement between the two countries in 1996, and has been held annually since the following year. The most recent meeting was held via video conference in May 2021 during the height of the COVID-19 pandemic, and this Economic Joint Committee was convened about four years later.

Both sides evaluated that the Korea-New Zealand Free Trade Agreement (FTA), which marks its 10th anniversary this year, has contributed to promoting trade between the two countries based on high market openness. Furthermore, they agreed to deepen economic cooperation by utilizing various forums in which both countries participate, such as the Digital Economy Partnership (DEP) that Korea joined last year. In particular, Director-General Kim requested New Zealand’s active cooperation for the successful hosting of the APEC Summit to be held in Gyeongju this November.

Amid increasing global economic uncertainties, the two sides also discussed cooperation measures to strengthen economic security in areas such as agriculture and fisheries, science and technology, energy security, and supply chain stability. Cooperation plans to expand human exchanges in tourism and education sectors were also addressed.

Meanwhile, Director-General Kim visited the Space Research Institute at the University of Auckland, New Zealand, the day before. Together with the private space company Rocket Lab, he visited the institute to explore possibilities for joint research and business promotion between the two countries in future and new industries. Rocket Lab is a private space company founded by Peter Beck in June 2006.

Additionally, taking this Economic Joint Committee meeting as an opportunity, the Korea-New Zealand Economic Security Dialogue (at the director-general level), agreed upon at last year’s Korea-New Zealand summit, was launched. At this meeting, specific measures to cooperate on economic security, including critical minerals, were discussed.

An official from the Ministry of Foreign Affairs said, "Director-General Kim’s visit to New Zealand this time is evaluated as a good opportunity to lay a substantial foundation for upgrading the ‘Comprehensive Strategic Partnership’ agreed upon at the summit meeting during New Zealand Prime Minister Luxon’s visit to Korea in September 2024, while deepening practical economic cooperation and economic security cooperation between the two countries."

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