P.M. signs trade deal

Press, Volume CXVI, Issue 34133, 21 April 1976, Page 16

P.M. signs trade deal

(JT.Z P A Reuter—Copyright j SEOUL, April 20. The New Zealand Prime Minister (Mr Muldoon), on a four-day visit to Seoul since last Sunday, signed an agreement on trade and economic and technical co-operation with the Korean Foreign Minister (Park Tong Jin) today. This morning he visited the National Cemetery in southern Seoul after a day of rest yesterday after his long flight from Paris on Sunday night. The Prime Minister laid a wreath at the tomb of the late Mrs Park Chung Hee, the wife of the Korean President, who was killed in an unsuccessful attempt on the life of; Mr Park by a Korean resi-, dent from Japan in August, 1974. Mr Muldoon held an hour-[ iong talk with the South Korean Prime Minister (Mr Choi Kyu Hah) before signing the agreement, which took immediate effect. The agreement, designed to ) facilitate, strengthen and diversify trade and economic relations between the two countries, replaced the existing plain trade agreement concluded in January, 1967. The agreement, to remain in force beyond three years unless terminated by either party, provides for "unconditional most favoured-nation treatment” to each other in trade within the framework of the General Agreement of. Tariffs and Trade. The two Governments may ■ hold exploratory discussions! for long term commodity ar- [ rangements under the agreement. They will encourage and facilitate economic and tech-! nical eo-operation. including!

exchange of expert personnel and technical trainees, exchange of technology and technical and industrial information, and the undertaking of joint ventures. South ’ Korean exports to New Zealand steadily grew from a mere 5U.5.4000 in 1965 to 513,880,000 last year, according to official Korean figures. The main export items included rolling stock, steel and textile goods.

New Zealand last year sold 515.470,000 worth of goods including mutton and wool to this country.