New Zealand China Council welcomes NZ-China FTA Upgrade entry into force
The upgrade to New Zealand’s Free Trade Agreement (FTA) with China will enter into force on 7 April 2022. The New Zealand China Council welcomes this final step following the signing of the FTA upgrade in January 2021.
Our chair John McKinnon said: “The upgrade of the New Zealand-China Free Trade Agreement, 14 years after it entered into force, demonstrates the continued importance that both sides place on our trade relationship. New provisions in areas like e-commerce and the environment indicate a shared intention to ensure the FTA will continue to support evolving trade models and bilateral focus areas. In 2021 bilateral two-way trade totalled $37.70 billion of goods and services, up from $31.30 billion in 2020. The upgraded FTA will position both countries to further consolidate and grow a dynamic existing relationship.”
Two-way trade in goods and services has increased 400% from $9 billion to over $37 billion since the original FTA was signed. The agreement played a major role to establish China as New Zealand’s largest trade partner.
New Zealand goods exports to China grew by almost 20% in 2021, and imports from China 26%.