Business rewarded for securing trade with China
22 November 2004
NZCTA Press Release
New Zealand business rewarded for securing trade with China
Barriers to trading with China are steadily declining and some New Zealand businesses are deciding not to wait for the Free Trade Agreement with China to establish trade agreements.
Since becoming an official WTO member in 2001, China has continued to reduce administrative barriers to trade by increasingly switching to the use of tariffs and exchange rates adjustments. This year, the categories of import commodities subject to licensing controls were reduced to 5 (including 123 8-digit product codes), down from 8 in 2003. In 2004 the average tariff rates have been further reduced to 10.4% from 11% in 2003, down from 12% in 2002 and 15.3% in 2001.
Bigger names like Fonterra entered the market 20 years ago and with increasingly favourable trade conditions, China has become their fourth largest market with turnover of US$220 million for ingredients and US$49 million for consumer and food service. Astrograss Allweather Surfaces first introduced its synthetic bowling greens to the market at the Malaysian Commonwealth Games. With the booming Chinese economy and an easing of trade barriers, China now accounts for almost 40% of the company’s revenue.
Due to the developing potential for successful trade with China, the New Zealand China Trade Association (NZCTA) has created Trade Awards specifically for businesses that have established a successful trade relationship with China or any company that has created a successful investment within China. The NZCTA is currently calling for entrants to its awards.
Award categories include a Business Excellence Award (winner receives $3000 in services from DHL International), an Entrepreneur and Innovation Award (winner receives $3000 in services from Cosco), Doing Business in China/Investor in China Award (winner receives $3000 in services from King and Wood lawyers) and the NZCTA Supreme Award in association with Cathay Pacific Airways, winner receives a $20,000 prize package.
The purpose of the awards is to recognise those companies that are already taking New Zealand products to China, and also encouraging those businesses just launching into the Chinese market.
Entries close on 30 November 2004 and entry forms are available on the Association’s website: www.nzcta.co.nz or by contacting the Auckland Chamber of Commerce 09 309 6100.
All finalists that have been extremely successful in facilitating trade with China, are being invited to the New Zealand China Trade Association Awards Dinner on Wednesday 8th December at the Hyatt Regency Hotel. Prime Minister Helen Clark has confirmed her attendance at the event. Over 300 people will be attending the awards dinner.