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On Thursday, China and New-Zeland FTA agreement became effective.
Chinese Ministry of Commerce said that China's authorities held a session with the New Zealand representative delegation intended to upgrade the free trade agreement (FTA) and the potential benefits of bilateral trade and investment.
Following the protocol, both nations will open the markets for goods, services, and investments while optimizing rules to promote trade facilitation. China, for its part, in terms of trade in goods, the Chinese side urged to gradually eliminate taxes on wood and paper products within ten years to 12.
In the sector of trade in services, Beijing will work in the opening-up in fields including construction, sea transport, aviation, and finance. At the time, New Zealand said that it would continue developing its market, making it more comprehensive in legal services, engineering, and management consulting.
New Zealand would ease its threshold for reviewing to allow Chinese investors to participate and receive the same treatment as members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It was agreed that both sides would work together to optimize rules of origin, customs-clearance procedures, and regulations related to technical barriers.
According to the protocol, the bilateral relationship between both countries could be for sectors of e-commerce, competition policy, government procurement, the environment, and trade. The Chinese Ministry said that the nations have improved the quality and efficiency of bilateral trade relations during the session, based on the China-New Zealand FTA and the Regional Comprehensive Economic Partnership.
According to the sources, for the nations, the program would deepen pragmatic cooperation in various fields between the two sides, release the dividends of high-level opening-up, allowing as well the promotion of bilateral trade and investment liberalization and facilitation, and constantly enrich the comprehensive strategic partnership between.