Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fonterra Welcomes Free Trade Agreement with China

Media Release
7 April 2008

Fonterra Welcomes Free Trade Agreement with China

Fonterra today welcomed the signing of the free trade agreement between New Zealand and China.

Fonterra Chairman Henry van der Heyden said China was rapidly becoming a global powerhouse and it made sense for New Zealand to develop closer ties with one of the world’s fastest growing economies.

“China is a major player in the future global economy, and part of that influence will extend to New Zealand’s economic well-being. Taking steps now to establish closer trading ties is a positive move for New Zealand’s economic future.”

“For New Zealand to be the first developed country to sign such an agreement is a significant achievement, and will stand us in good stead as we further develop our relationship with China.”

Mr van der Heyden said China’s further integration into the Asian and global economies, and its enormous and fast-growing domestic market, were key planks behind Fonterra’s investments in China.

“China’s economic dynamism will have positive long-term flow-through effects for New Zealand.”

Mr van der Heyden said Fonterra had not yet seen the text of the agreement and would need to review the detail closely before quantifying the benefits for dairy. But he welcomed the news that the agreement will lead to the elimination of all tariffs on dairy between China and New Zealand.

“From what we have seen it is clear that this deal will be good for Fonterra and for the New Zealand dairy industry. It will significantly improve access for New Zealand exporters, provide certainty in our trading environment going forward, and support Fonterra’s strategy in China.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news