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Russia Courts New Zealand Trade Deal

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.

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