Upgraded China-New Zealand FTA negotiations bring new cooperation opportunities

The China-New Zealand Business Assembly Forum 2021 was held on April 22 in Beijing. Representatives from both sides agreed that signing of the upgraded version of the China-New Zealand Free Trade Agreement is expected to bring more benefits to the people of the two countries.

China is New Zealand's largest trading partner, largest export market and largest import country of origin. The bilateral trade volume between China and New Zealand increased from $4.4 billion in 2008 to $18.1 billion in 2020, with an average annual growth rate of 14%.

In the keynote speech at the meeting, Gao Yan, head of the China Council for the Promotion of Trade (CCPIT) and the China Chamber of International Commerce (CCOIC), said that there are huge trade potentials between China and New Zealand, especially in the fields of milk production, the meat industry and e-commerce.

China will further open its market, improve its business environment and continue to support the multilateral trade system. It hopes the New Zealand side will provide an open, fair and transparent business environment for the Chinese companies investing in New Zealand, added Gao.

Wu Xi, Chinese ambassador to New Zealand, said that the signing of the upgraded trade protocol will see both sides open their markets for huge business opportunities. Wu added that China and New Zealand, both members of the Regional Comprehensive Economic Partnership (RCEP), should work together to stabilize the global supply chain and contribute to world economic recovery.

The forum, organized by the CCOIC, the CCPIT Inner Mongolia Autonomous Region and the New Zealand China Trade Association (NZCTA), was hosted by China Mengniu Dairy Company Ltd.

Huang Zhiqiang, vice chairman of the Inner Mongolia autonomous region, Clare Fearnley, New Zealand ambassador to China, and Martin Thompson, chairman of New Zealand China Trade Association, together with over 100 representatives from the Chinese and New Zealand business communities, attended the forum on site or via videolink.