New Zealand’s Prime Minister, John Key, and Hong Kong’s Chief Executive, Donald Tsang, have announced the conclusion of negotiations for a New Zealand - Hong Kong, China Closer Economic Partnership Agreement (CEP).
It was said that, with both economies strongly committed to trade liberalization, it is hoped the CEP will act as a platform to help pave the way forward for shared economic growth and carry trade and investment linkages to a new level.
New Zealand’s Trade Minister, Tim Groser, noted that Hong Kong is New Zealand's 9th largest export market and 8th largest source of foreign direct investment. New Zealand's trade with Hong Kong has grown by an annual average of 7.4% for the past five years and is in excess of NZD1bn (USD740m).
He said: "Our agreement further enhances New Zealand's economic integration with the region through our existing high quality free trade agreements with Thailand, Singapore, China, ASEAN and most recently with Malaysia. In addition to facilitating further trade between the two economies, the agreement will stimulate the development of a closer bilateral relationship.”
The CEP is also said to demonstrate a further move towards greater regional economic integration. New Zealand has concluded a number of trade agreements with economies in the region. As for Hong Kong, the CEP is its first free trade agreement with a foreign economy.
As a services-oriented economy, Hong Kong will benefit from liberalization measures under the agreement, the average annual growth rate in the bilateral trade in services having been 11% from 2003 to 2007.
Tsang commented: "For us it is also important because it is the first one we have concluded outside of China. We want it to be the template for other negotiations we are conducting – a high quality one hopefully giving special impetus to what is happening in the Doha round of negotiations in Geneva."
It is envisaged that the CEP will be formally signed and the details of the agreement released in the first half of 2010, following the completion of domestic approval processes.
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