Mr Kim urged to join trade battle

Press, 23 August 1983, Page 3

Mr Kim urged to join trade battle

PA Wellington South Korea was yesterday invited by the Minister of Overseas Trade, Mr Cooper, to join the fight against trade protectionism. Opening Ministerial trade talks between South Korea, represented by its Minister of Commerce and Industry, Mr Kim Dong-Whie, Mr Cooper said New Zealand was in the forefront of the fight against protectionism. “No doubt you will understand our problem, being yourself an efficient producer of manufactured products and encountering barriers to trade in a range of those products. We must continue the fight against the spread of protectionism,” said Mr Cooper.

On the trade front Mr Cooper said New Zealand expected greater economic co-operation from the talks, Brticularly on the estabhment of joint venture cheese processing in South Korea.

In reply, Mr Kim said vast potential for trade existed between New Zealand and his country, and he called for more balanced trade between the two. South Korean statistics show a trade imbalance of $147 million to $lO7 million in New Zealand’s favour. New Zealand trade statistics, however, show trade with South Korea is in almost perfect balance, at about $lO2 million each way.

The balance shown in the New Zealand figures for the last year can be attributed to a one-off purchase of refined petroleum, worth $45.2 million, during the closing of the Marsden Point refinery late last year and early this year.