NZ Trade Minister O’Connor: The upgraded agreement makes exporting to China easier
|“The upgraded agreement makes exporting to China easier and is expected to reduce compliance costs for New Zealand exports by millions of dollars each year,” New Zealand Trade Minister Damien O’Connor said after signing the upgraded agreement in Wellington through a “virtual signing ceremony” with Chinese Commerce Minister Wang Wentao.
Additional comments
“The agreement “modernizes” the existing free trade agreement with China and ensures it remains fit for purpose for another decade.”
“The upgrade will also mean that 99% of New Zealand’s nearly NZ$3 billion ($2.16 billion) wood and paper trade to China will be granted tariff-free access.”
“This means that by 1 January 2024, all New Zealand dairy exports to China will be tariff-free.”
This comes after Prime Minister Jacinda Ardern confirmed the signing of the agreement with China at a news conference earlier this Tuesday.
NZD/USD unimpressed
NZD/USD remains pressured below 0.7200 amid broad risk-aversion, fuelled by the US stimulus uncertainty and covid worries, which has sent the US dollar broadly higher.
The spot was last seen trading at 0.7182, shedding 0.17% on the day.
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