Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

NZ - Hong Kong step towards trade liberalisation

13 November 2009
Joint Media Statement

Prime Minister John Key & Chief Executive Donald Tsang

New Zealand – Hong Kong, China Closer Economic Partnership Agreement a further step towards trade liberalisation

Bilateral trade relations between New Zealand and Hong Kong, China have taken a further significant step following conclusion of negotiations for a New Zealand – Hong Kong, China Closer Economic Partnership Agreement (CEP).

This is also a step contributing to the further development of Asia-Pacific regional economic integration.

New Zealand Prime Minister John Key and Hong Kong Chief Executive Donald Tsang made the announcement in Singapore in the margins of the APEC Economic Leaders Meeting.

The conclusion of the negotiations comes just seven months after the two leaders met in April at the Boao Forum in China, where a joint commitment was made to advancing momentum on the CEP.

The CEP represents a significant development in the relationship between the two economies. When looked at in the context of the economic downturn, it demonstrates a shared commitment to open markets and the role that this can play in economic recovery.

With both economies strongly committed to trade liberalisation, it is hoped that the CEP will act as a platform to help pave the way forward for shared economic growth and carry trade and investment linkages to a new level.

Both economies remain firm advocates for multilateral liberalisation through the WTO. At the same time, both recognise that bilateral and regional initiatives can complement the WTO system and help build support for multilateral liberalisation.

While merchandise trade between the two economies has grown by an annual average of 7.4 percent for the past five years and is in excess of NZ$1 billion, there is also considerable potential in the service sector, in particular in the areas of education, tourism, business and environmental services as well as in investment with Hong Kong, China seen as a hub for investment in the region.

Significantly the CEP also demonstrates a further move towards greater regional economic integration. New Zealand has concluded a number of trade agreements with economies in the Asia Pacific region. As for Hong Kong, China, the CEP is its first free trade agreement with a foreign economy.

It is envisaged that the CEP will be formally signed and the details of the Agreement released in the first half of 2010 following legal verification and the completion of domestic approval processes.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On Why Herd Immunity Isn’t A Valid Option, And What’s With Our Reluctance To Wear Masks?

Herd immunity has recently bounced back into the headlines as a tool for managing Covid-19, and as a supposed alternative to lockdowns. In the US, a group of scientists was recently brought together in the town of Great Barrington, Massachusetts by a think tank funded by the Koch brothers. The assembled scientists signed the so called Barrington Declaration, which promotes herd immunity as a rational means of re-opening US public schools and the economy at large... More>>

 

Gordon Campbell: On National Being Shafted By Its Own Creation

As it licks its wounds, let’s hope the National Party can still find time to look back with some pride at what it has achieved in Epsom. The Act Party’s nationwide success on Saturday night has been a tribute to National’s foresight, and to its ... More>>

ALSO:

Green Party: 'Fruitful Discussions ... Further Discussions To Have'

The Green Party says there is a negotiation going on with the Labour Party, but there are more discussions to be had. More>>

ALSO:


Border: No Changes To Border Exemptions After Fishing Crew Test Covid-19 Positive

The cases were detected after routine day three testing but the immigration minister and air commodore agree there's no need to change border exemptions. More>>

PSA: Labour-Led Government Has Mandate For Transformation, Equality And Transparency

The Public Service Association welcomes the progressive electoral landslide New Zealand voters delivered on Saturday, and the union says its members look forward to implementing policies that reduce poverty and inequality, support affordable housing ... More>>

ALSO:


Stats NZ: New Report Shows Significant Changes To New Zealand’s Climate

Climate change is already happening in New Zealand and could have a profound impact on future generations of New Zealanders, a new report from the Ministry for the Environment and Stats NZ says. Our atmosphere and climate 2020 , released today, includes analysis ... More>>

ALSO:

Judith Collins: Obese People Must Take Responsibility For 'personal Choices'

National Party leader Judith Collins has described obesity as a weakness and says people should not 'blame systems for personal choices'. More>>

Māori Party: Poll Reveals Tamihere On Cusp Of Historic Māori Movement Election Victory

John Tamihere’s election campaign is on the rise and on track to return the Māori Party to parliament, a new Māori TV poll has revealed. The poll released on 11 October during the seventh and final Māori TV Maori Electoral campaign coverage has Tamihere ... More>>

Gordon Campbell: On Four-Year Terms Of Parliament, And On How The US Courts Are Dismantling Democracy

Last week, the issue of four-year parliamentary terms surfaced again. Infuriatingly, it is being discussed purely in terms of its convenience for political parties. They’d get so much more time to enact their policies, free of scrutiny or sanction by voters ... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels