Wednesday, 23 February 2022 08:55

China-NZ FTA upgrade

Written by Staff Reporters

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Trade and Export Minister Damien O'Connor.

An upgraded free trade agreement (FTA) between New Zealand and China comes into force from April 7.

"This upgrade is a significant step for us and forms part of a body of work we're doing to drive our economic recovery from Covid," Trade and Export Minister Damien O'Connor says.

The date was agreed in a virtual meeting last week between O'Connor and his Chinese counterpart, Minister of Commerce Wang Wentao.

Goods and services exports between China and New Zealand reached $20.1 billion in the year ending June 2021. O'Connor says New Zealand businesses will benefit from up-to-date rules underpinning trade.

"This upgrade modernises the original 2008 New Zealand-China FTA to ensure it remains fit for purpose," he says.

The upgrade also includes new market access commitments in goods and services, and additional trade facilitation measures.

"In terms of goods, the upgrade will deliver further market access improvements, resulting in tariff-free access for 99 percent of New Zealand's $4 billion wood and paper trade to China, once fully implemented.

"Our existing FTA will also be augmented by new chapters in e-commerce, competition policy, government procurement and the environment."

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