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Trade agreement signed with China By Lawrence JohnstonTHE New Zealand government has become the first developed nation to sign a bilateral free trade agreement with China. The move in Beijing between Helen Clark and her Chinese counterpart Premier Wen Jiabao last month was the culmination of 15 rounds of negotiations over three years. The agreement's projected introduction is October 1, after the New Zealand Parliament has passed implementing legislation, and after the two countries have exchanged notes confirming that domestic legal procedures have been completed. Mrs Clark said that over time the agreement would eliminate tariffs on 96 per cent of New Zealand exports to China. It was estimated to increase New Zealand's export revenue from China by between NZ$225 million and NZ$350 million a year. It would create new opportunities for businesses looking to engage with, or grow their existing links with China. It would facilitate goods and services trade, and investment. "Overall, the agreement reduces barriers to our trade with China. It promotes co-operation in a broad range of economic areas, and also provides a platform for further engagement at the governmental, cultural, and people-to-people levels," she said. The two countries had also agreed to establish a working holiday scheme, which would enable up to 1,000 skilled young Chinese travellers to enter New Zealand on working holidays each year. There would also be provision for up to 1,800 skilled Chinese workers to enter New Zealand on work permits each year. These will be for work in specialised fields such as Chinese traditional medicine, Mandarin language teaching, Chinese cooking, tour guiding and martial arts teaching, and in areas of specified skills shortage. "New Zealand and China have also signed binding agreements on labour and the environment, aimed at encouraging dialogue and co-operation in these two important areas," Mrs Clark said. |
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