Former New Zealand Prime Minister John Key recently visited the Chinese mainland, reaffirming the strong trade ties between New Zealand and China. The two countries entered into a Free Trade Agreement (FTA) in April 2008, which came into effect in October of the same year. This landmark agreement marked New Zealand as the first Western nation to recognize the Chinese mainland as a market economy and the first developed country to negotiate and sign an FTA with China.
The FTA underwent a significant upgrade following three years of intense negotiations, culminating in the signing of a protocol in January 2021. This latest protocol, which took effect in April 2024, aims to further facilitate bilateral trade and investment, opening new avenues for collaboration between the two nations.
During his recent visit, John Key emphasized the growing confidence among New Zealand entrepreneurs in investing in the Chinese market. He pointed out that the upgraded FTA has created a more favorable environment for businesses to expand and innovate. \"The upgrade to our FTA with the Chinese mainland opens new doors for New Zealand businesses, especially in sectors focused on new and sustainable energy,\" Key stated.
Throughout his tenure as Prime Minister, John Key made numerous trips to China, meeting with Chinese officials and strengthening the friendship between the two nations. These efforts laid the groundwork for ongoing cooperation and mutual growth. Now, as the chairman of the Investments Committee at Stonewood Key China, Key continues to play a pivotal role in promoting trade partnerships. His current focus lies in fostering cooperation in the field of new and sustainable energy, aligning with global trends towards greener and more sustainable business practices.
The enhanced FTA is expected to boost trade flows between New Zealand and the Chinese mainland, particularly in areas such as technology, renewable energy, and sustainable resources. New Zealand's expertise in these fields complements China's ambitions for sustainable development, creating a synergy that benefits both economies.
As the global market continues to evolve, the strengthened China-NZ trade relationship serves as a model for international cooperation and economic growth. Entrepreneurs and businesses in both countries are optimistic about the future, leveraging the FTA to explore new opportunities and drive innovation.
With ongoing dialogues and initiatives spearheaded by leaders like John Key, the partnership between New Zealand and the Chinese mainland is set to thrive, fostering a dynamic and mutually beneficial economic landscape.
Reference(s):
cgtn.com
