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- China, New Zealand ink trade deal as Beijing calls for reduced global barriers
China, New Zealand ink trade deal as Beijing calls for reduced global barriers
Reuters reports that China and New Zealand signed a deal on Tuesday upgrading a free trade pact to give exports from the Pacific nation greater access to the world’s second-largest economy.
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 COVID-19 makes it particularly important,” she told a news conference.
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.
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