-
China and NZ flags - Source: ONE News -
Related
Just one year on from the beginning of a free trade agreement (FTA) between New Zealand and China, two-way trade has increased 23% to $10 billion.
The increase has been achieved despite the global economic downturn.
"The FTA is an instrument in the battle against protectionism and sends a strong message on the importance of expanding trade in response to tough economic times, Trade Minister Tim Groser says.
Groser says the bilateral agreement, which came into force October 1 2008, is "critically important" for New Zealand.
"The FTA has led to increased co-operation between our two economies in a wide range of areas. This engagement brings significant gains to both countries through increased knowledge-sharing and people-to-people links," he says.
According to Groser, New Zealand's exports to China have increased by almost 60% over the past 12 months and are now worth $3.5 billion.
"Dairy exports have seen the biggest increase but there has been significant growth across a range of sectors including lamb, timber, kiwifruit, wool and wine exports," he says.
Groser says trade will be further boosted as tariffs continue to fall in coming years.
Chinese tariffs on New Zealand goods will gradually reduce with
96% of Kiwi exports expected to be tariff-free within the next
decade.
