Photo: RNZAfter years of negotiations, New Zealand and China have struck a deal on the long-awaited upgrade to their free trade agreement. It includes new rules to make exporting to China cheaper and easier, the highest level of commitment to environmental standards China has made in any free trade deal, and giving the vast majority of wood and paper trade to China preferential access over the next 10 years. That will include some processed wood products, for which the forestry sector had been seeking tariff cuts. The upgrade deal reflected the importance "both countries place on our relationship and builds on the significant mutual benefits both countries have enjoyed as a result of our excellent existing FTA", said Ms Ardern. • The upgrade will also mean that 99 percent of New Zealand's $3 billion wood and paper trade to China will have preferential access, with tariff elimination over a 10 year implementation period on 12 additional wood and paper products worth NZ$36 million in trade to China.

Source: Otago Daily Times November 04, 2019 05:50 UTC