Hong Kong Trade Agreement's Strategic Significance

Media Release
29 March 2010

Hong Kong Trade Agreement has Strategic Significance for New Zealand

The latest addition to New Zealand’s suite of trade agreements will have special strategic significance as well as direct economic benefits according to the Wellington Regional Chamber of Commerce.

The New Zealand Hong Kong Closer Economic Partnership (CEP) is due to be signed in Hong Kong later today.

“New Zealand is the first country outside China, to sign such an agreement with Hong Kong. It will expand our FTA footprint into greater China,” said Chamber CEO Charles Finny speaking from the signing ceremony in Hong Kong.

“Hong Kong is an important market in its own right for New Zealand. It is our ninth largest and still one of the fastest growing.

“We are yet to see the detail of the agreement but we understand it includes services exports which are vital given the increasing importance of this sector for New Zealand.

“This agreement - New Zealand’s eighth - paves the way for improved links between New Zealand and Asia.

“The signing comes just days after official statistics show that China has overtaken the US as our second largest market.

“It is important that businesses take advantage of this trade agreement. I would like to congratulate Trade Minister Groser and his officials, including chief negotiator Julian Ludbrook, for their success in negotiating it,” Mr Finny concluded.

ENDS

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