Top officials from China and New Zealand called this week for ramping up negotiating efforts to clinch an updated trade deal, highlighting the value this could have for warding off protectionist pressures, supporting economic growth, and shoring up the rules-based trading system. New Zealand’s Prime Minister Jacinda Ardern, Trade Minister David Parker, and Chinese Ambassador to Zealand Wu Xi were among the high-level politicians at the China Business Forum held on 14 May in Auckland, New Zealand. During this fourth iteration of the event, leaders acknowledged uncertainty in the global trade system but reasserted the importance of the bond between the two countries, who have a long history of diplomatic ties and have had a trade deal in place for the past decade. The China-New Zealand Free Trade Agreement was a recurring theme during the forum, with Parker telling the forum that the next round of negotiations to upgrade the deal will begin in the next few weeks. Through this renewal process, the countries hope to reach their goal of A$30 billion (US$20.6 billion) in two-way trade by 2020. A milestone trade agreement Beijing and Wellington began negotiations for the original deal in 2004 following a Joint Study Report ,...
Theme: GLOBAL ECONOMIC GOVERNANCE
Tags: Regional Trade Agreements (RTAs), China, New Zealand, Regional Trade Agreements (RTAs)