**China, New Zealand Agree on Free Trade Deal and Economic Partnership**
**Beijing, China (AP)** – China and New Zealand have agreed to a free trade deal and an economic partnership that will reduce tariffs and boost trade between the two countries.
The agreement was signed by Chinese President Xi Jinping and New Zealand Prime Minister Jacinda Ardern in Beijing on Saturday, April 29, 2023.
The free trade deal will eliminate tariffs on 97% of goods traded between the two countries, including agricultural products, manufactured goods, and services.
The economic partnership will cover a wide range of areas, including trade, investment, infrastructure, and tourism.
The agreement is expected to boost bilateral trade between China and New Zealand by up to NZ$1.2 billion (US$760 million) per year.
It will also create new opportunities for businesses and investors in both countries.
China is New Zealand’s largest trading partner, with bilateral trade totaling NZ$32.2 billion (US$20.3 billion) in 2022.
New Zealand is China’s 19th largest trading partner, with bilateral trade totaling US$18.3 billion in 2022.
The free trade deal and economic partnership are expected to further strengthen the economic relationship between the two countries.
**Details of the Free Trade Deal**
The free trade deal will eliminate tariffs on 97% of goods traded between the two countries.
The remaining 3% of goods will be subject to reduced tariffs or phased-out over time.
The deal also includes provisions for trade in services, investment, and intellectual property.
**Details of the Economic Partnership**
The economic partnership will cover a wide range of areas, including trade, investment, infrastructure, and tourism.
The partnership will promote cooperation in these areas and create new opportunities for businesses and investors in both countries.
The partnership will also include a dispute settlement mechanism to resolve any trade disputes.
**Significance of the Agreement**
The free trade deal and economic partnership are significant for both China and New Zealand.
The deal will boost trade and investment between the two countries and create new opportunities for businesses and investors.
The partnership will also strengthen the economic relationship between the two countries and promote cooperation in a wide range of areas.
The agreement is a positive step for both China and New Zealand and is expected to benefit both countries in the years to come..
