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szdaily -> Business/Markets -> 
Sino-New Zealand trade deal inked
    2021-01-27  08:53    Shenzhen Daily

CHINA and New Zealand signed a deal that upgrades their existing free trade pact yesterday, giving exports from the Pacific nation greater access to the world’s second-largest economy.

New Zealand Prime Minister Jacinda Ardern confirmed the signing of an expanded trade deal with China, noting its significance amid the pandemic.

The agreement comes as China seeks to establish itself as a strong advocate of multilateralism following a bruising trade war with the United States and as the coronavirus keeps international borders closed.

“China remains one of our most important trade partners...For this to take place during the global economic crisis brought about by COVID-19 makes it particularly important,” Ardern said at a news conference.

The agreement expands an existing trade deal with China and ensures it remains fit for purpose for another decade, Damien O’Connor, New Zealand’s trade minister, said in a statement.

Under the new deal, tariffs for many of New Zealand’s mostly commodities-based exports, which include dairy, timber and seafood, will be either removed or cut. Compliance costs will also be reduced.

Following years of pressure from the Trump administration over trade, China has emerged as a champion of globalization and multilateralism.

In recent months, China signed an investment pact with the European Union and joined the world’s largest free trade bloc in the 15-country Regional Comprehensive Economic Partnership (RCEP), which also includes New Zealand.

China has also expressed interest in joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreement, the successor to an earlier pact from which the United States withdrew.

Speaking at a virtual meeting of the World Economic Forum on Monday, President Xi Jinping criticized isolationism and “Cold War” thinking and called for barriers to trade, investment and technological exchange to be removed.

Under its new deal with Wellington, China will also open up sectors such as aviation, education and finance. In exchange, New Zealand will increase visa quotas for Chinese language teachers and tour guides, Xinhua reported yesterday.

New Zealand was the first developed country to sign a free trade agreement with China in 2008. (SD-Agencies)

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