“The improved agreement makes it easier to export to China and is expected to reduce compliance costs for New Zealand exports by millions of dollars each year.“New Zealand Commerce Minister Damien O’Connor said after signing the improved agreement in Wellington through a” virtual signing ceremony “with Chinese Commerce Minister Wang Wentao.
“The improved agreement ‘modernizes’ existing free trade agreement with China and ensures that it remains fit for purpose for another decade. “
“The update will also mean that 99% of the wood and paper trade, of almost NZ $ 3 billion (USD 2.16 billion), from New Zealand to China will have duty-free access“.
“This means that By January 1, 2024, all New Zealand dairy exports to China will be duty-free“.