New Zealand-China Free Trade Agreement Upgrade Enters into Force in April

Wellington: New Zealand’s economic recovery from COVID-19 continues to build momentum, with the Upgrade to New Zealand’s Free Trade Agreement (FTA) with China entering into force on April 7, Minister for Trade and Export Growth Damien O’Connor announced today.
 
New Zealand and China have now ratified the Upgrade Protocol and agreed the Entry into Force date, the final step following the signing of the FTA Upgrade in January 2021.
 
"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," O’Connor said in a press release on Monday.

"Our trade agenda has very good momentum, with our primary industry exports forecast to hit a record $50 billion this year alone," he added.
 
The China FTA Upgrade entry into force 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. 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," O’Connor 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 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," 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," he concluded.

 
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