NZ-Hong Kong Trade Agreement

(PR.co.nz) NZ-Hong Kong trade agreement in force today

NZ-Hong Kong trade agreement in force today Trade Minister Tim Groser announced that the New Zealand-Hong Kong Closer Economic Partnership Agreement (CEP) has entered into force as of today.

“I am pleased to confirm that Hong Kong and New Zealand have both completed the necessary legislative measures and that the CEP has come into force,” said Mr Groser.

Cuts to remaining New Zealand tariffs will take effect as of today, and further progressive reductions will mirror those in the New Zealand-China Free Trade Agreement. New Zealand goods currently entering Hong Kong at a zero tariff will from today be bound at that level.

“As the only two developed economies with Free Trade Agreements with China, New Zealand and Hong Kong have both mitigated the worst effects of the global recession through our businesses’ performance in that dynamic market,” said Mr Groser.

In the first half of 2010, Hong Kong’s GDP grew by a robust 7.2 percent, largely attributable to the return of domestic demand and strong exports to mainland China.

Hong Kong is New Zealand’s ninth largest export market, worth $865 million in the year to October 2010.

Mr Groser noted that “the strategic importance of the CEP’s comprehensive framework is that it will help New Zealand companies in Hong Kong as well as= support companies building business in China from a Hong Kong base”.

The CEP represents part of a wider regional drive towards growth in trade hrough liberalisation, which has seen high-quality Free Trade Agreements concluded with Singapore, the P4 countries (Brunei, Chile and Singapore), Thailand, China, ASEAN and Malaysia. New Zealand is also currently negotiating Free Trade Agreements with India, Korea and Russia, as well as expansion of the Trans-Pacific Partnership.

Media Release from Trade Minister Tim Groser on 1 January 2011.