China-New Zealand Finalize Upgraded Free Trade Agreement After Years of Negotiations
Even as uncertainties reign in US-China trade relations, New Zealand has announced an upgraded free trade agreement with China after years of negotiations. The newly negotiated trade agreement will make it easier for New Zealand to export to Chinese markets and even save millions of dollars in compliance costs.
Over the next 10 years, New Zealand could enjoy preferential access to supply wood and paper to China. Following a bilateral meeting with Chinese Premier Li Keqiang at the sidelines of the East Asia summit in Bangkok, NZ PM Jacinda Ardern announced the upgraded free trade agreement.
In addition, New Zealand has successfully received assurance from Beijing towards ensuring protection of the environment and that environmental standards will not be misused towards adopting protectionist trade policies. The news will likely offer a significant boost to the NZ economy, as China is its leading trade partner. The trade relationship between the two countries is estimated to be worth around $21 billion.
The trade agreement is likely to be verified legally, signed and enforced by early next year, according to the official statement surrounding this announcement.
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