Free Trade Agreement (FTA) signed between New Zealand and China will promote the bilateral relations between the two countries, said New Zealand Prime Minister Helen Clark on Monday.
Clark witnessed the signing of the Free Trade Agreement between New Zealand and China in Beijing on Monday with her Chinese counterpart Wen Jiabao.
"Today's ceremony is the culmination of 15 rounds of negotiations over three years. New Zealand is the first developed country to negotiate an FTA with China," Clark said in a media statement released here.
Over time this FTA will result in the elimination of tariffs on 96 percent of New Zealand exports to China, and is estimated to lift New Zealand's export revenue from China by 180 million U.S. dollars to 280 million dollars every year, according to the statement.
The signing of this agreement is a very significant achievement for New Zealand, she said, adding that It will facilitate goods and services trade as well as investment between the two sides.
New Zealand and China have also agreed to establish a working holiday scheme. This one will enable up to 1,000 skilled young Chinese travelers to enter New Zealand on working holidays each year, she said.
"New Zealand and China have also signed binding agreements on labor and environment aimed at encouraging dialogue and co-operation in these two important areas," Clark said.
The objective is for the FTA to come into force on Oct. 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.
Source: Xinhua
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