China has signed its first Free Trade Agreement (FTA) with New Zealand as a means of strengthening ties between the two nations and advancing economic growth.
Under the agreement signed on Monday, 31 percent of New Zealand's
exports to China will be tariff-free by 2013. Tariffs on dairy
products, a big New Zealand export, will take longer to phase out, but
almost all of the country's current exports to China will be tariff
free by 2019.
The FTA also supports that 1800 skilled Chinese workers will be allowed
to take up employment in New Zealand each year, for a period of up to
three years.
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