Russia has started its first Free Trade Agreement (FTA) negot iat ions with New Zealand, the two countries’ leaders said as they met on the sidelines of the Asia-Pacific Economic Co-operation (APEC) summit.
“Today we embark on negotiations to reach a Free Trade Agreement. For both countries this is a very good opportunity,” New Zealand Prime Minister John Key said during a meeting with Russian President Dmitry Medvedev.
Russia is the world’s fifth-largest food importer with imports reaching $30 billion in 2008. New Zealand’s exports to Russia, mostly food products, stood at $187 million in 2009.