China and New Zealand update FTA
China and New Zealand signed an agreement on Tuesday to update the Free Trade Agreement (FTA) between the two countries.
The FTA «Update Protocol» recognizes that the free trade relationship between China and New Zealand further enhances the quality and efficiency of the «Regional Comprehensive Economic Partnership Agreement» (RCEP).
The main contents include: the opening of the market for some new wood and paper products, and further optimization of the rules of origin, technical trade barriers, customs facilitation and other trade rules.
In the field of trade in services, on the basis of RCEP, China has further expanded the opening of aviation, education, finance, pensions and passenger transport to New Zealand.
According to the Chinese Ministry of Commerce, the «Upgrade Protocol» will promote further deepening of pragmatic cooperation between China and New Zealand in various fields, enhance the interests of enterprises and the welfare of the population of the two countries, and enrich continually connotation of the comprehensive strategic partnership between China and New Zealand.
FTA
In the current critical period for the global fight against the epidemic, the signing of the «Update Protocol» also sends a positive signal to the international community that the two countries will work together to respond to the challenge of the epidemic, support multilateralism and free trade.
After the signing of the FTA «Update Protocol», both sides will carry out relevant national procedures as soon as possible, so that the China-New Zealand Free Trade Area Update Agreement enters into force as soon as possible.
