Wellington  - New Zealand's and South Korea's foreign ministers are to discuss a timetable for launching formal negotiations on a free trade pact during weekend talks, the New Zealand government announced Friday.

New Zealand's Murray McCully said he would host his South Korean counterpart, Yu Myung Hwan, in talks that offered an important opportunity to further cement the countries' relationship.

A joint study in 2007 indicated that a comprehensive free trade pact would benefit both parties, and McCully said the timeframe for starting negotiations would be a key part of Sunday's talks.

"Trade between our two countries is very complementary - our food products for their cars and electrical goods," said Phil O'Reilly, chief executive of the Business NZ organization.

The Ministry of Foreign Affairs and Trade said Korea was New Zealand's sixth-largest export market, worth nearly 1.4 billion New Zealand dollars (742 million US dollars) in the last fiscal year, which ended in June. New Zealand imported 1 billion New Zealand dollars of goods from Korea over the same period.

The ministry said the economic relationship was diversifying with a growing focus on energy resources and knowledge-based industries.

Koreans have invested in New Zealand energy exploration activities, and several Korean films have been partially made in New Zealand through a co-production agreement.

"Talks will also focus on how we can strengthen cooperation between New Zealand and South Korea on regional and global security issues as well as ways to improve bilateral links, particularly in areas such as science and education," McCully said. (dpa)