New Zealand-China trade up by one third since FTA
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New Zealand's Free Trade Agreement with China has resulted in total trade between the countries jumping by more than a third in its first two years.
New Zealand Trade Minister Tim Groser said in a statement on Thursday the agreement helped to shelter New Zealand from the worst of the recession and China's booming economy plays a central role in the future.
"Since it has been in force, total trade between New Zealand and China increased by more than a third, from 8.5 billion NZ dollars (6.4 billion U.S. dollars) to 11.1 billion NZ dollars," said Groser.
New Zealand's exports to China, now worth 4.5 billion NZ dollars (3.5 billion U.S. dollars), have almost doubled in the past two years, with growth in all major export sectors, he said.
"China's booming economy now plays a central role in New Zealand's economic future," said Groser. "The FTA has opened the door for more of our companies to reach into China, and put China firmly in their focus."
A joint review of the agreement, which came into force in October 2008, showed most businesses view China with interest and see the deal in positive terms.
New Zealand Prime Minister John Key and Chinese Premier Wen Jiabao have set a goal of doubling trade by 2015.
"The FTA provides us with a sound platform from which to reach this goal," Groser said.
