New Zealand, China upgrade trade deal

Tuesday, January 26, 2021

China and New Zealand signed a deal on Tuesday upgrading a free trade pact, today.

New Zealand Prime Minister Jacinda Ardern confirmed the signing of the expanded deal.

"China remains one of our most important trade partners...For this to take place during the global economic crisis bought about by coronavirus makes it particularly important," she told a news conference.

Minister for trade and export growth Damien O'Connor signed the upgrade in a virtual ceremony with China's minister of commerce, Wang Wentao.

In a statement, O'Connor said the upgrade brings the agreement up to date for at least another 10 years.

The pact widens an existing trade deal with China to ensure it remains fit for purpose for another decade, Trade Minister Damien O'Connor said in a statement.

It provides for tariffs to be either removed or cut on many of New Zealand's mostly commodities-based exports, ranging from dairy to timber and seafood, while compliance costs will also be reduced.-Reuters/New Zealand Herald