Who Does Nz Have Free Trade Agreements with
New Zealand is a country that heavily relies on international trade. It is known for its export-based economy, with its major industries including agriculture, forestry, and tourism. One of the ways in which New Zealand has been able to strengthen its trade relations with other countries is by signing free trade agreements (FTAs).
So, who does New Zealand have free trade agreements with? Let`s take a closer look.
New Zealand`s closest neighbor, Australia, is its biggest trading partner. The two countries have had a free trade agreement since 1983, which was updated in 2009 to include more sectors such as services, investment, and intellectual property.
China is New Zealand`s largest trading partner outside of Australia. The two countries signed an FTA in 2008, which has resulted in a significant increase in trade between them. The agreement aims to eliminate tariffs on 96% of New Zealand`s exports to China by 2019.
New Zealand signed an FTA with South Korea in 2015, which has opened up opportunities for New Zealand exporters to access the South Korean market. The agreement is expected to eliminate tariffs on 98% of New Zealand`s exports to South Korea by 2033.
New Zealand has had an FTA with Japan since 2019, which has aided in strengthening the trade relationship between the two countries. The agreement has eliminated tariffs on 98% of New Zealand`s exports to Japan.
New Zealand signed an FTA with Singapore in 2000, which was the first FTA signed by both countries. The agreement has resulted in an increase in the trading relationship between the two countries.
New Zealand signed an FTA with Thailand in 2005, which aims to eliminate tariffs on 90% of New Zealand`s exports to Thailand by 2020. The agreement has led to improved trade relations between the two countries.
New Zealand signed an FTA with Malaysia in 2009, which aims to eliminate tariffs on 99% of New Zealand`s exports to Malaysia by 2020. The agreement has opened up opportunities for New Zealand businesses to access the Malaysian market.
In conclusion, New Zealand has established a strong trade relationship with many countries through the signing of free trade agreements. These agreements have helped to eliminate barriers to trade, resulting in increased export opportunities for New Zealand businesses. With a focus on strengthening its international trade relations, New Zealand is poised to continue building its global reputation as an export-oriented economy.