NZ, Hong Kong celebrates new milestone

New Zealand and Hong Kong celebrates new milestone in bilateral relations at Chinese New Year reception

“The free trade agreement reached between Hong Kong and New Zealand late last year will bring significant growth to the bilateral trade,” the Director of the Hong Kong Economic and Trade Office, Sydney, Ms Lorna Wong, told a group of 200 guests celebrating Chinese New Year in Auckland.

“The conclusion of a Closer Economic Partnership is a landmark achievement, as it is Hong Kong's first free trade agreement with a foreign economy. The CEP will open a new chapter in Hong Kong-New Zealand trade relations and provide unique avenues for business enterprises to explore trade and investment opportunities,” she said.

Ms Wong highlighted the ‘overnight success story’ in Hong Kong’s wine-related businesses. “When we abolished import duty for wine in 2008, none of us could have foreseen just how quickly this trade would grow.

“New Zealand is our eighth largest supplier of wine by value. Imports from New Zealand grew by six percent to NZ$ 7 million (HK$38 million) in the first eleven months of 2009. And the number of New Zealand exhibitors at the Hong Kong International Wine Fair increased from 7 in 2008 to 40 in 2009,” she said.

Hong Kong and New Zealand signed an Arrangement on Cooperation on Wine-related Business last October to strengthen co-operation in the promotion of wine-related trade, investment, tourism and education and in the fight against counterfeit wine.

“The signing of this arrangement will benefit both our economies: it will boost Hong Kong's development as a regional hub for wine trading and distribution, and will enhance our role as an efficient and reliable avenue for New Zealand to grow its wine exports to Hong Kong, the Mainland and throughout East Asia,” she said.

In addition to the rapid growth in the wine trade, the Hong Kong and New Zealand film industries are building closer collaborative relations. A Statement of Intent regarding an Arrangement on Cooperation between Audio-Visual (Film and Digital Entertainment) Industries was signed last November in a significant step forward in collaboration in the audio visual sector.

Ms Wong said the global financial crisis has had its impact on trade between Hong Kong and New Zealand – in 2009, total trade between the two places dropped by 13% to NZ$1.2 billion (HK$6.5 billion).

“However, Hong Kong’s position as a gateway to Mainland China remains strong -- in 2009, NZ$620 million (HK$3.3 billion) worth of trade between New Zealand and the Mainland of China was routed through Hong Kong, representing 9.2% of the total trade between New Zealand and the Mainland,” Ms Wong concluded.

The Chinese New Year reception today was jointly organized by the HK Economic and Trade Office, the Hong Kong Trade Development Council, the Hong Kong Tourism Board and the Hong Kong -New Zealand Business Association.

ENDS

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