Factbox: Key points of China, New Zealand upgraded free trade deal

By
2 minute read
Register now for FREE unlimited access to Reuters.com

WELLINGTON, Jan 26 (Reuters) - China and New Zealand signed a deal to upgrade their existing free trade pact on Tuesday, which will give commodities exports from the Pacific nation increased access to the world's second-largest economy. read more

Here are some details of the agreement:

-- Reduced compliance costs for New Zealand exports, including simplified documentation requirements and dedicated contacts for New Zealand businesses at key ports in China.

Register now for FREE unlimited access to Reuters.com

-- Expanded market access for services exporters and most-favoured nation commitments to protect competitive advantage in China.

-- Commitments to promote environmental protection and not to lower standards for a trade or investment advantage. Commitments not to use environmental standards for trade protectionist purposes.

-- Tariff-free access for about 99% of New Zealand's nearly NZ$3 billion ($2.15 billion) wood and paper trade to China, phased tariff elimination on additional wood and paper products worth NZ$35 million.

-- Benefits for exporters of perishable goods such as seafood, the forestry sector, and other primary sector industries.

-- Services sectors that will benefit from new or enhanced market access commitments include advertising, education and aviation-related services.

-- New market access for sectors such as audio visual and environmental services.

-- Existing conditions remains for dairy exports, with all safeguard tariffs to be eliminated within one year for most products, and three years for milk powder.

-- Rules on overseas investment and the Treaty of Waitangi exception, remain in place.

-- Increased visa quotas for Chinese language teachers and tour guides in New Zealand.

-- Parliament will now consider the agreement for ratification before it enters into force.

($1 = 1.3926 New Zealand dollars)

Register now for FREE unlimited access to Reuters.com
Reporting by Praveen Menon; Editing by Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.