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China and New Zealand Signed the Upgrade Protocol of Free Trade Agreement

Compared with the FTA signed in 2008, terms related to dairy products almost remained unchanged in the upgrade protocol, but it showcased a positive trade relation between China and New Zealand, which will further benefit the dairy trading in the near future.

On Jan. 26, 2021, China and New Zealand signed a protocol on upgrading their 12-year-old free trade agreement 1. Apart from improving rules of origin, customs procedure and trade facilitation measures, technical trade barriers, trade in services, and collaboration, the protocol newly includes e-commerce, government procurement, competition policy, environment and trade to fit the latest business environment. In addition, China and New Zealand also agreed to facilitate cosmetic trade, reduce tariff on wood and paper products from New Zealand and etc.

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