Key points of China, New Zealand upgraded free trade deal

By Praveen Menon
Reuters
January 25, 2021
Category: Business & Politics
Region: International

WELLINGTON — China and New Zealand signed a deal to upgrade their existing free trade pact on Tuesday, which will give commodities exports from the Pacific nation increased access to the world’s second-largest economy. The agreement includes: reduced compliance costs for New Zealand exports; commitments to promote environmental protection and not to lower standards for a trade or investment advantage; commitments not to use environmental standards for trade protectionist purposes; tariff-free access for about 99% of New Zealand’s nearly NZ$3 billion wood and paper trade to China, phased tariff elimination on additional wood and paper products worth NZ$35 million; and benefits for exporters of perishable goods such as seafood, the forestry sector, and other primary sector industries. …Parliament will now consider the agreement for ratification before it enters into force.

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