New Zealand and China have a strong and mutually beneficial trade relationship. The two countries have a free trade agreement (FTA) in place since 2008, which has helped to boost trade between the two nations.
The FTA has resulted in significant growth in trade between New Zealand and China. In the last decade, New Zealand`s exports to China have increased by over 500 percent, with China now being the country`s largest trading partner. As of 2021, China accounts for nearly 30 percent of New Zealand`s exports.
The FTA covers a wide range of goods, including agricultural products, dairy, meat, and forestry products. It also includes services, such as tourism, education, and financial services. The FTA has greatly benefited New Zealand`s agricultural sector, which is a major contributor to the country`s economy.
China is also an important source of imports for New Zealand, providing a range of goods such as electronics, machinery, and textiles. The FTA has helped to facilitate the import of these goods by reducing tariffs and other trade barriers.
However, the trade relationship between the two nations has not been without its challenges. In recent years, there have been concerns about China`s growing influence and its human rights record. These concerns have led to some tension between the two nations, with New Zealand having to balance economic interests with its values.
Despite these challenges, the trade relationship between New Zealand and China is likely to continue to grow in the years to come. Both nations have a lot to gain from a strong trade relationship, and the FTA provides a solid foundation for further growth and cooperation.
In conclusion, the New Zealand-China trade relationship is an important one for both nations. The FTA has been instrumental in boosting trade between the two countries and has helped to create new opportunities for businesses and individuals. With both nations committed to further growth and cooperation, the future of this trade relationship looks bright.