Dig deeper: Updated China trade agreement
Wednesday 17 Feb 2021How will the New Zealand-China FTA Upgrade benefit New Zealand? - In late January, New Zealand’s Minister for Trade and Export Growth and China’s Minister of Commerce signed the New Zealand- China Free Trade Agreement Upgrade (FTA Upgrade). The New Zealand-China Free Trade Agreement has been a success story. Since the FTA came into force in 2008, two-way trade (exports and imports of goods and services) has quadrupled from $8 billion to over $32 billion, and the agreement has been a platform for closer trade and economic cooperation.
The FTA upgrade includes new areas like e-commerce and a greater focus on the environment and sustainable economic growth. China’s recent trade deals with other FTA partners also offered more favourable terms in areas like services and both countries wanted to update our pioneering FTA to take on board these developments.
The FTA Upgrade will modernise our bilateral FTA with China to ensure it remains high quality, fit for purpose and reflects modern trade realities as well as reinvigorating our FTA network and delivering on one of the pillars of New Zealand’s Covid-19 Trade Recovery Strategy.
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