Former New Zealand Prime Minister John Key has underscored the importance of strengthening trade relations with China, highlighting the upgraded Free Trade Agreement (FTA) between the two nations.
Historic Trade Milestones
China and New Zealand have enjoyed a robust trading relationship since signing an FTA in April 2008, which came into effect in October of that year. In November 2019, both countries concluded a three-year negotiation to upgrade the agreement, signing a protocol in January 2021. The latest protocol on upgrading the FTA took effect in April 2024, aiming to further facilitate bilateral trade and investment.
John Key’s Recent Visit to China
During his recent visit to China, John Key emphasized New Zealand’s pioneering role as the first Western country to recognize China as a market economy and the first developed nation to negotiate and sign an FTA with China. He noted that the upgraded FTA has bolstered confidence among New Zealand entrepreneurs in the Chinese market.
“A growing number of entrepreneurs from New Zealand are confident in investing in the Chinese market,” Key said, reflecting optimism about the opportunities the upgraded FTA presents.
Strengthening Bilateral Relations
Throughout his tenure as Prime Minister, Key made multiple visits to the Chinese mainland and met with officials, contributing significantly to the friendship between China and New Zealand. Currently serving as the chairman of the Investments Committee at Stonewood Key China, he continues to promote trade cooperation between the two countries, particularly in the field of new and sustainable energy.
Future Prospects
The enhanced FTA is expected to open new avenues for collaboration, especially in sustainable energy, benefiting both nations. As New Zealand entrepreneurs increasingly invest in the Chinese market, the bilateral relationship continues to strengthen, fostering economic growth and mutual understanding.
Reference(s):
cgtn.com
