New Zealand-China FTA upgrade to enter into force in April

The New Zealand-China Free Trade Agreement (FTA) upgrade, signed in January 2021, will enter into force on April 7 this year, according to New Zealand’s minister for trade and export growth Damien O’Connor. Both the countries have ratified the upgrade protocol. New Zealand’s primary industry exports are forecast to hit $50 billion this year, he said.

“We will soon be concluding our FTA negotiations with the UK, which will remove tariffs on our exports and create new market opportunities for New Zealand businesses. Our free trade negotiations are progressing with the EU for access to a market of 450 million people,” O’Connor said on the government’s official website.

“Goods and services exports between China and New Zealand reached $20.1 billion in the year ending June 2021. New Zealand businesses will benefit from up-to-date rules underpinning our trade. This upgrade modernises the original 2008 New Zealand-China FTA to ensure it remains fit for purpose,” he said.

The New Zealand-China Free Trade Agreement (FTA) upgrade, signed in January 2021, will enter into force on April 7 this year, according to New Zealand’s minister for trade and export growth Damien O’Connor. Both the countries have ratified the upgrade protocol. New Zealand’s primary industry exports are forecast to hit $50 billion this year, he said.

“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 per cent 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,” he said.

“Separately, from 1 January 2022, most New Zealand dairy products to China are entitled to duty-free access for the first time as a result of ongoing implementation of the existing FTA. This will directly benefit many of New Zealand’s rural exporters to China, and is expected to result in additional savings of $180 million per annum at current export volumes,” O’Connor added.

Fibre2Fashion News Desk (DS)