The Enhanced Economic Partnership Agreement between New Zealand and Hong Kong,China (NZ-HKC CEP) was signed on 29 March 2010 in Hong Kong and came into force on 1 January 2011. The agreement allows products exported from Hong Kong, China, to receive preferential tariff treatment upon importation into the NZ. Currently, all those who are imported into Hong Kong, China, are duty free, regardless of their origin. The agreement ensures that in the future, New Zealand goods imported into Hong Kong will remain duty-free in China. The round allowed for in-depth discussions on most areas of the future agreement. This round of negotiations resulted in an interim agreement on two other chapters: “Small and Medium Enterprises (SMEs) ” and “Capital Movements”. Until now, we have tentatively agreed on two other chapters: “transparency” and “facilitation of customs and trade” and the text of the “anti-fraud clause.” For most products, it is not necessary for products originating in NZ under this agreement to be accompanied by a certificate of origin issued by a certification body. The New Zealand Free Trade Agreement (NZCFTA) came into force on 1 October 2008. NZ was the first OECD country to sign a comprehensive free trade agreement with China. NZ also has bilateral trade agreements with Malaysia, Australia and Thailand. Distributors should consider the agreement that is most beneficial to their imported/exported products. MFAT is leading negotiations on New Zealand`s Free Trade Agreement (FTA).
Free trade agreements open up market opportunities, streamline processes, reduce costs and create more security and security for companies operating abroad. They help New Zealand companies become more competitive and stay in overseas markets. In May 2018, the EU Council authorised the Commission to open trade negotiations with New Zealand and adopted the relevant negotiating guidelines. After a first round of free trade negotiations in July 2018 in Brussels, negotiations are under way. Australia is one of our major economic partners. New Zealand and Australia have made good progress in removing trade barriers. Trade agreements and closer economic partnerships are an important part of New Zealand`s international trade policy. We are using closer trade agreements and economic partnerships to liberalize trade. The Trans-Pacific Strategic Economic Partnership Agreement (P4) is an agreement between Brunei Darussalam, Chile, Singapore and NZ. The P4 agreement, which represents “Pacific 4,” came into force in 2006.
Under P4, most tariffs on goods traded between Member States were immediately abolished, with the remaining tariffs expiring (until 2015 for Brunei Darussalam and 2017 for Chile). The South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA) is a non-reciprocal trade agreement in which NZ (with Australia) provides preferential tariff treatment for certain products that are the production or production of Pacific Forum countries (known as the Forum Island Countries). For NZ products exported to an Island Country Forum, there is no preferential rate. New Zealand`s economy is a market economy heavily dependent on international trade, particularly with Australia, the United States of America, China and Japan. It is highly dependent on tourism and agricultural exports and has only small manufacturing and high-tech components. Market economic reforms in recent decades have removed many barriers to foreign investment, and the World Bank has made New Zealand the most business-friendly country in the world . Regional and bilateral free trade agreements have become an important part of New Zealand`s international trade policy.