New Zealand To Upgrade Trade Deal With ASEAN, Australia
WELLINGTON, Nov 14 (NNN-XINHUA) – New Zealand Prime Minister, Jacinda Ardern, today, wrapped up the annual meeting of the East Asia Summit (EAS) and the Second ASEAN Global Dialogue on Post-COVID-19 Comprehensive Recovery, upgrading a trade deal with ASEAN and Australia.
New Zealand’s new free trade agreement (FTA) with the Association of South East Asian Nations (ASEAN) and Australia, is expected to be signed and enter into force in 2023.
“As the world feels the impact of global economic pressures, the importance of securing high-quality, modern free trade agreements is essential to the economic security of all New Zealanders,” she said.
The upgrade to ASEAN-Australia-New Zealand FTA, further boosts the trading ties with ASEAN, cutting red tape and costs on businesses and providing greater economic security to New Zealanders, said the prime minister.
ASEAN has become New Zealand’s third-largest trading partner. In 2021, New Zealand exported over seven billion NZ dollars (4.27 billion U.S. dollars) of goods and services, to the 10 ASEAN countries, equating to almost 10 percent of New Zealand’s total exports, statistics show.– NNN-XINHUA