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“The upgraded agreement makes exporting to China easier and is expected to reduce compliance costs for New Zealand exports by millions of dollars each year,” New Zealand Trade Minister Damien O’Connor said after signing the upgraded agreement in Wellington through a “virtual signing ceremony” with Chinese Commerce Minister Wang Wentao.

Additional comments

“The agreement “modernizes” the existing free trade agreement with China and ensures it remains fit for purpose for another decade.”

“The upgrade will also mean that 99% of New Zealand’s nearly NZ$3 billion ($2.16 billion) wood and paper trade to China will be granted tariff-free access.”

“This means that by 1 January 2024, all New Zealand dairy exports to China will be tariff-free.”

 

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