1. Mr. Lee Seong-ho, Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs, together with Mr. Mark Sinclair, Deputy Secretary of the Americas and Asia Group of the Ministry of Foreign Affairs and Trade of New Zealand, held the 15^th meeting of the Korea-New Zealand Joint Economic Committee virtually on May 12, 2021. In the meeting, the two sides reviewed the progress so far in bilateral economic cooperation in trade, investment and other areas, and discussed ways to strengthen cooperation between the two countries.

※ The Korea-New Zealand Joint Economic Committee was established in 1996 to discuss economic and trade issues, and its 14^th meeting was held in Seoul on May 2, 2019.

2. The two sides noted that bilateral trade has grown in a mutually-beneficial and balanced manner since the Korea-New Zealand FTA entered into force in December 2015, and agreed to make efforts to further expand the volume of trade between the two countries by utilizing the existing FTA framework.

※ The Korea-New Zealand total trade volume in 2020:  USD 2.65 bln. (export to and import from New Zealand: USD 1.46 bln. and USD 1.18 bln. respectively)

- Major export items to New Zealand: Industrial products including petroleum products, motor vehicles and machinery

- Major import items from New Zealand: Primary commodity products including timber, livestock and dairy products

° Deputy Minister Lee and Deputy Secretary Sinclair discussed regional and global trade issues and agreed to closely cooperate in relevant international fora including the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC).

3. In addition, the two chairs of the Committee also reviewed accomplishments attained in various areas including agriculture and fisheries, science and technology, education, and Antarctic affairs, and agreed to explore ways to step up cooperation in the future. They also shared the common understanding that Korea and New Zealand have a great potential for cooperation in the hydrogen-related industry since the two countries are strong in hydrogen fuel cell technology and the production of green hydrogen, respectively.

° The representatives of the two countries to the Committee explored possible cooperation areas and ways to lead the new industry in the future based on the Hydrogen Economy Roadmap of Korea and the Vision for Hydrogen of New Zealand.

4. Furthermore, the two high-ranking officials explored ways to cooperate over global issues such as COVID-19 and climate change, and reached the same view that equitable access to vaccines is essential for the world in overcoming the pandemic.

° Korea and New Zealand, member countries of the COVID-19 Vaccine Global Access (COVAX) Facility, reaffirmed that they will continue cooperation in fighting the pandemic.

5. Meanwhile, regarding the Japanese government’s decision on discharging contaminated water from the Fukushima Daiichi Nuclear Power Plant into the ocean, Deputy Minister Lee relayed concerns of the people and the government of Korea to New Zealand.

6. On this occasion, the two sides took note that both countries’ economic policies are targeted at inclusive growth as well as post-COVID-19 recovery, and discussed ways to cooperate in this regard.