China, New Zealand ink upgraded free trade deal
by ChemOrbis Editorial Team - content@chemorbis.com
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.
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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