Wellington - New Zealand and South Korea will start negotiations on a free trade pact as soon as possible, leaders of the two countries announced Tuesday after a summit meeting in Auckland.
The announcement came following talks between New Zealand Prime Minister John Key and the South Korean President Lee Myung-Bak, who is on a two-day visit to the South Pacific nation.
"Our relationship with Korea is strong and vibrant, and we would like to further strengthen this relationship, building on extensive bilateral cooperation in recent years," Key said.
A joint statement said the leaders emphasised the importance of maintaining open markets and shared concerns for the deepening economic crisis.