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Nz India Free Trade Agreement

The Ministry of Foreign Affairs and Trade said RCEP remains a potential trade changer in the Asia-Pacific region. “We see that a huge secret agreement is being negotiated, in which we do not know what the risks are and there are very few economic benefits to be derived from the economic modelling that we have seen. For most products, it is not necessary for products originating in NZ under this agreement to be accompanied by a certificate of origin issued by a certification body. We are also negotiating a regional free trade agreement including India: revised rules of origin for trans-Tasman trade came into force on 1 September 2011. For more information on the rules of origin for ANCERTA and general instructions for using the agreement, see fact sheet 20 (PDF 268 KB). More information can also be found on the MFAT website. Our current ministerial visit will not bring a trade agreement for New Zealand, but it could lead to new avenues for strengthening relations. India is expected to be one of Asia`s main economic forces in the coming decades, driven by its large and young population and sustained economic growth. New Zealand and India have increasing trade relations and the conclusion of a free trade agreement with India is a priority. The Enhanced Economic Partnership Agreement between New Zealand and Hong Kong,China (NZ-HKC CEP) was signed on 29 March 2010 in Hong Kong and came into force on 1 January 2011. The agreement allows products exported from Hong Kong, China, to receive preferential tariff treatment upon importation into the NZ. Currently, all those who are imported into Hong Kong, China, are duty free, regardless of their origin. The agreement ensures that in the future, New Zealand goods imported into Hong Kong will remain duty-free in China.

The New Zealand-Malaysia Free Trade Agreement (MNZFTA) was signed on 26 October 2009 in Kuala Lumpur and came into force on 1 August 2010. Malaysia is also a party to the ASEAN-Australia Free Trade Agreement (AANZFTA). Distributors should consider the agreement that is most beneficial to their imported/exported products. New Zealand`s economy is a market economy heavily dependent on international trade, particularly with Australia, the United States of America, China and Japan. It is highly dependent on tourism and agricultural exports and has only small manufacturing and high-tech components. Market economic reforms in recent decades have removed many barriers to foreign investment, and the World Bank has made New Zealand the most business-friendly country in the world [1]. Regional and bilateral free trade agreements have become an important part of New Zealand`s international trade policy. New Zealand has used free trade agreements, also known as closer economic partnerships, to liberalize trade between economies. A closer economic partnership agreement with Thailand was negotiated in 2004 and implemented in 2005. Negotiations for a free trade agreement with Chile, Brunei and Singapore, known as the Trans-Pacific Strategic Economic Partnership, were concluded in 2005. Negotiations on other agreements with Malaysia began in 2006, but could not be concluded. The historic free trade agreement with China was signed in Beijing in April 2008.

[2] Rcep is an expression of New Zealand`s interest in finally concluding a trade agreement with India, which is the world`s seventh largest economy in nominal GDP and third in terms of purchasing power parity. India is New Zealand`s 13th largest trading partner.

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