Free Trade Agreement Nz China

Free Trade Agreement Between New Zealand and China: Benefits and Highlights

The free trade agreement (FTA) between New Zealand and China, signed on April 7, 2008, has been instrumental in strengthening the economic ties between the two countries. This FTA has facilitated greater access of goods and services to each other`s markets and has opened up new opportunities for cooperation in various sectors. Here are some of the key highlights and benefits of the NZ-China FTA:

1. Tariff Reductions: The FTA has eliminated tariffs on a significant number of goods traded between the two countries. By 2019, New Zealand exporters had saved over NZD 525 million in duties on their exports to China. China, in turn, has benefited from access to high-quality dairy, meat, and horticulture products from New Zealand.

2. Increased Trade: Since the FTA came into effect, the bilateral trade between New Zealand and China has grown significantly. In 2019, total trade in goods and services between the two countries was valued at NZD 33.3 billion, making China New Zealand’s largest export market and second-largest import market.

3. Services Sector: The FTA has also created new opportunities for the services sector, including education, tourism, and financial services. China is New Zealand’s second-largest source of international students, and New Zealand has become a popular destination for Chinese tourists. The FTA has facilitated the growth of these sectors by lowering barriers to entry and simplifying visa processes.

4. Investment: The FTA has also encouraged investment between the two countries. China has become a significant investor in New Zealand`s infrastructure and has invested in sectors such as agriculture, forestry, and property. Similarly, New Zealand businesses have invested in China`s construction, healthcare, and education sectors.

5. Intellectual Property: The FTA has strengthened intellectual property rights protections for businesses in both countries. This has helped improve confidence and investment in key sectors, such as creative industries and technology.

Overall, the NZ-China free trade agreement has been a significant success for both countries. It has facilitated greater access to goods and services, created new opportunities for cooperation and investment, and strengthened ties between New Zealand and China. As a result, it has become a model for other countries looking to increase their economic partnership with China.

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