Upgraded China-New Zealand FTA comes into effect

A protocol on upgrading the free trade agreement (FTA) between China and New Zealand took effect Thursday, aiming at further facilitating bilateral trade and investment, said China's Ministry of Commerce.

The two sides will further open the markets for goods, services and investment while optimizing rules to promote trade facilitation, according to the protocol.

Bilateral cooperation will also be strengthened in the fields of e-commerce, competition policy, government procurement, the environment and trade.

The upgraded protocol has improved the quality and efficiency of bilateral trade relations on the basis of the China-New Zealand FTA and the Regional Comprehensive Economic Partnership, said the ministry.

It will help deepen pragmatic cooperation in various fields between the two sides, release the dividends of high-level opening up, promote bilateral trade and investment liberalization and facilitation, and constantly enrich the comprehensive strategic partnership between the two countries.

China signed an FTA with New Zealand in April 2008, which came into force in October the same year. The two sides announced the conclusion of their three-year negotiations on the upgrade in November 2019 and signed a protocol in January 2021.