China, New Zealand sign FTA upgrade protocol

CNC
Added On January 27, 2021

China and New Zealand have signed a protocol on upgrading their 12-year-old free trade agreement (FTA), which is expected to bring more benefits to the peoples of the two countries.

Chinese Minister of Commerce Wang Wentao and his New Zealand counterpart signed the protocol on Tuesday via video link.

In 2008, China signed an FTA with New Zealand, the first FTA between China and a developed country. The two sides announced the conclusion of their three-year negotiations on the upgrade in November 2019.

On the basis of the Regional Comprehensive Economic Partnership, China will further expand its opening-up in sectors including aviation, education, finance, elderly care, and passenger transport to New Zealand to boost the trade of services.

For the trade of goods, the upgraded FTA will see both countries open their markets for certain wood and paper products and optimize trade rules such as rules of origin, technical barriers to trade and customs facilitation.

New Zealand will lower its threshold for reviewing Chinese investment, allowing it to receive the same review treatment as members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The two sides have also pledged to strengthen cooperation in the fields of e-commerce, competition policy, government procurement, the environment and trade.