New Zealand to sign free trade agreement with China in April
New Zealand will sign a free trade agreement with China in early April, the government announced on Tuesday, the first such deal between the Asian economic powerhouse and a developed economy.
By PTI |
WELLINGTON (NEW ZEALAND): New Zealand will sign a free trade agreement with China in early April, the government announced on Tuesday, the first such deal between the Asian economic powerhouse and a developed economy.
Trade Minister Phil Goff said outstanding technical requirements and processes to finalise the deal "are on track for completion" in coming weeks.
The signing ceremony and related events are "planned to take place in Beijing from 6 to 9 April," he said.
China and New Zealand began 15 rounds of detailed negotiations for the agreement in July 2004, as China sought to consolidate and extend its trading arrangements with developed economies.
Beijing said it had selected New Zealand to enter the talks as it was the first developed economy to recognise the emerging China as having a market-based economy. New Zealand was also the first Western nation to have reach a bilateral deal with China on its accession to the World Trade Organisation.
"This FTA has been negotiated with the overriding objective of opening up economic opportunities for New Zealand business in China and to boost commercial ties with our now third largest trading partner," Goff said.
Earlier, he predicted the trade deal potentially will boost New Zealand's exports of goods and services to China by up to $326 million a year.
Two-way trade between the two states is worth more than $3.9 billion a year, with Chinese exports making up about 80 per cent.
Trade Minister Phil Goff said outstanding technical requirements and processes to finalise the deal "are on track for completion" in coming weeks.
The signing ceremony and related events are "planned to take place in Beijing from 6 to 9 April," he said.
China and New Zealand began 15 rounds of detailed negotiations for the agreement in July 2004, as China sought to consolidate and extend its trading arrangements with developed economies.
Beijing said it had selected New Zealand to enter the talks as it was the first developed economy to recognise the emerging China as having a market-based economy. New Zealand was also the first Western nation to have reach a bilateral deal with China on its accession to the World Trade Organisation.
"This FTA has been negotiated with the overriding objective of opening up economic opportunities for New Zealand business in China and to boost commercial ties with our now third largest trading partner," Goff said.
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Earlier, he predicted the trade deal potentially will boost New Zealand's exports of goods and services to China by up to $326 million a year.
Two-way trade between the two states is worth more than $3.9 billion a year, with Chinese exports making up about 80 per cent.
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