Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
NZ-China FTA to enter into force on Wednesday
Adjust font size:

The New Zealand-China Free Trade Agreement (FTA) will be put into force on Wednesday, New Zealand's Trade Minister Phil Goff said here on Tuesday.

"There has been an hugely positive response from New Zealand's business community to what the FTA with China - our third largest trading partner - offers. When the FTA was signed in Beijing in April 2008, government ministers were accompanied by 190 New Zealand business people," Goff said.

"Oct. 1, tariffs on 35 percent of our exports to China will be set at zero level and within five years two thirds of our exports will enter China tariff free. By the beginning of 2019, 96 percent of our exports will be free of tariffs," he added.

"This gives our exporters a significant competitive advantage in one of the world's largest markets. Export of goods to China is already worth about 2 billion NZ dollars (134 million U.S. dollars) a year, while China is our largest source of international students and now our fourth largest source of tourists," he said.

The estimated benefit to New Zealand of a free trade agreement is a growth in exports against baselines of between 225 million NZ dollars and 350 million NZ dollars a year and a reduction in tariff payments worth 115 million NZ dollars.

(Xinhua News Agency October 1, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- China-ASEAN Expo propels FTA construction
- Peru, China reaffirm will to negotiate FTA
- China, Australia to hold new round of FTA talks
Most Viewed >>
- New regs on foreign investment in advertising firms take effect
- Experts: China little affected by US financial crisis
- Rise of yuan - where now for China's currency?
- Bailout rejection to hit investor confidence in China
- Vice premier stresses production safety
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?