Monday, 21 November 2016 10:41

Talks start on China FTA upgrade

Written by 
John Key. John Key.

Prime Minister John Key has announced the launch of negotiations to upgrade the New Zealand - China Free Trade Agreement (FTA).

The announcement followed a meeting this morning with Trade Minister Todd McClay and Chinese Commerce Minister Gao Hucheng at the APEC Summit in Lima, Peru. Key and President Xi welcomed the commitment to an upgrade at the APEC Leaders’ retreat today.

“New Zealand was the first developed country to negotiate and conclude an FTA with China, and I’m pleased that today we have reached the fifth ‘first’ in our relationship, as the first developed country to launch an upgrade of an FTA,” says Key.

“It has been eight years since our FTA with China came into force and it has exceeded all expectations. It has an enviable record and showcases to the world the importance of trade liberalisation.

“The upgrade will be an opportunity to deepen and broaden our comprehensive strategic partnership.

“It will ensure that our FTA continues to drive our relationship forward and takes into account the FTAs that China has negotiated with other trading partners since 2008.”

The negotiations will look to improve or enhance the broad range of areas already covered by the FTA. This gives either party the ability to raise issues of importance to them, and includes technical barriers to trade, customs procedures, cooperation and trade facilitation, rules of origin, services, and environmental cooperation. It will also address a number of newer areas such as competition policy and e-commerce.

A first round of negotiations will be held in the first half of 2017.

China is New Zealand’s second-largest goods and services export market and our largest export destination for goods. In the year ending June 2016, the value of goods and services exports totalled $12.2 billion.

Since the FTA, New Zealand’s goods exports to China have quadrupled, reaching $9.2 billion, and services exports have tripled, reaching $3.0 billion.

More like this

Make it 1000%!

OPINION: The appendage swinging contest between the US and China continues, with China hitting back with a new rate of 125% on the US, up from the 84% announced earlier.

Farmers will adapt amid global trade turmoil

New tariffs imposed by President Donald Trump signal an uncertain future, but New Zealand farmers know how to adapt to changing conditions, says Auriga Martin, chief executive of Farm Focus.

Featured

Farmers urged not to be complacent about TB

New Zealand's TBfree programme has made great progress in reducing the impact of the disease on livestock herds, but there’s still a long way to go, according to Beef+Lamb NZ.

Editorial: Making wool great again

OPINION: Otago farmer and NZ First MP Mark Patterson is humble about the role that he’s played in mandating government agencies to use wool wherever possible in new and refurbished buildings.

National

Machinery & Products

Farmer-led group buys Novag

While the name and technology remain unchanged and new machines will continue to carry the Novag name, all the assets,…

Buhler name to go

Shareholders at a special meeting have approved a proposed deal that will see Buhler Industries, the publicly traded Versatile and…

» Latest Print Issues Online

The Hound

Make it 1000%!

OPINION: The appendage swinging contest between the US and China continues, with China hitting back with a new rate of…

Own goal

OPINION: The irony of President Trump’s tariff obsession is that the worst damage may be done to his own people.

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter