New Zealand and China sign an upgraded Free Trade Agreement

On 26 January 2021, New Zealand and Chinasigned an upgrade to their Free Trade Agreement(FTA). Since the signing of the original FTA in2008, China has become New Zealand’s largesttrading partner, with two-way trade between thetwo nations quadrupling from $8 billion to over$32 billion a year.

Once in effect, the upgraded FTA will give New Zealand exporters greater access to the Chinese market by eliminating or reducing tariffs on seafood, timber and paper products, and dairy products (by 2024).

The upgraded FTA also reduces a number of technical barriers to trade by simplifying certification and documentation requirements and by establishing dedicated contacts for New Zealand businesses at key ports in China.

Before the upgraded FTA comes into force, it will first need to be approved by Parliament.

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This article was included in Edition 4 of our Rural and agribusiness newsletter – Rural Autumn 2021 which you can read here