New Zealand Trade Minister Visits China for FTA Expansion Talks

The demand of New Zealand for an upgrade and expansion of the Free Trade Agreement with China, in the light of the China-Australia FTA has led to the visit of New Zealand's Trade Minister Tim Groser to China on February 28. The minister held talks aimed at expanding the free trade agreement.

“The FTA continues to serve us well with strong bilateral trade flows,” Groser said, before meeting Chinese Trade Minister Gao Hucheng. The meeting was the first preliminary discussion on areas where potential improvements can be made, added Groser.

Spurt in Trade

Very recently, the customs authorities of the two countries agreed to establish mechanisms to enhance trade facilitation under the existing FTA, reports Tax News. The New Zealand-China trade pact was signed in 2008 and that later led to the doubling of bilateral trade and New Zealand's exports to China quadrupled. The New Zealand Government said the FTA had provided the two countries with institutional structure and enhanced official relationships to support broader development of the nations' economic relationship.

The total exports of New Zealand to China in 2014 accounted for one-fifth of New Zealand's annual global exports, and China is New Zealand's largest source of imported goods.

Meanwhile, New Zealand’s leading Chinese-New Zealand business and trade organisation, the New Zealand China Trade Association or NZCTA has appointed DLA Phillips Fox partner Martin Thomson as its new chairman. Martin is an expert in foreign direct investment into New Zealand, and advises a number of Chinese organisations having interests in New Zealand, according to a press release.

“New Zealand has so much to gain from knowing and understanding China better,” said Thomson. While economies around the world, including the Chinese economy, have fluctuated in 2014, New Zealand is still experiencing demand from China, he said.

Pact with Australia

In another development, New Zealand signed an MoU with Australia for sharing criminal history of potential candidates hired for employment. This helps in keeping track of an applicant's past. The pact will help New Zealand employers to request criminal history checks in Australia, reports 3 News.

The bilateral meeting between Prime Minister John Key and Australian PM Tony Abbott led to the MoU. The Australian PM made an official visit to New Zealand recently.

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