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Us New Zealand Trade Agreement

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 ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) is a regional trade agreement, including the Association of Southeast Asian Nations (ASEAN), Australia and New Zealand. AANZFTA came into force in 2010 for Australia, New Zealand, Brunei, Myanmar, Malaysia, the Philippines, Singapore, Thailand and Vietnam and came into force in 2011 for Laos and Cambodia and in 2012 for Indonesia. MFAT is leading negotiations on New Zealand`s Free Trade Agreement (FTA). Free trade agreements open up market opportunities, streamline processes, reduce costs and create more security and security for companies operating abroad. They help New Zealand companies become more competitive and stay in overseas markets. New Zealand is at the forefront of global initiatives that show how trade can support broader environmental and sustainable development goals. Engagement in free trade negotiations is a crucial part of the process, as the government helps us achieve the best outcome for New Zealanders. New Zealand is negotiating five free trade agreements, and another negotiation process is underway.

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. We are consulting with the Maori on free trade agreements. In comparison, he said China`s economic growth was achieved through stronger engagement throughout Asia, which was cemented by trade agreements. For the United States, this means that its economic influence in the region is weakening. The goods can be shipped by a non-party party to the agreement and maintain preference. However, goods must not enter the trade or trade of a party or be subject to certain operations other than unloading, transshipment, deconditioning and other procedures necessary to keep the goods in good condition while they are being transported by that party. Our exports to Thailand have almost doubled since the agreement came into force. The Trans-Pacific Strategic Economic Partnership Agreement (P4) is an agreement between Brunei Darussalam, Chile, Singapore and NZ.

The P4 agreement, which represents “Pacific 4,” came into force in 2006. Under P4, most tariffs on goods traded between Member States were immediately abolished, with the remaining tariffs expiring (until 2015 for Brunei Darussalam and 2017 for Chile). U.S. trade in goods and services with New Zealand was estimated at $13.8 billion in 2019.