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China, New Zealand ink upgraded free trade deal

by ChemOrbis Editorial Team -
  • 26/01/2021 (10:42)
According to media reports, China and New Zealand signed a protocol on Tuesday to upgrade their 12-year-old free trade deal, providing exporters from the Pacific nation with an increased access to the world’s second-largest economy.

The upgraded deal ensures that trade barriers and safeguard tariffs will either be eliminated or reduced in some export goods for a designated period of time. Plus, documentations will be simplified while exporting to China and compliance costs will be reduced.

The expanded agreement came in the midst of a considerable global economic disruption due to COVID-19 in a bid to support trade relations during this unprecedented crisis.
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