Hon Tim Groser
Minister of Trade

30 November 2010

Media Statement

NZ-Hong Kong trade agreement in force from January

Trade Minister Tim Groser today announced that the New Zealand - Hong Kong Closer Economic Partnership Agreement (CEP) would enter into force on 1 January 2011.

"I am pleased to confirm that Hong Kong and New Zealand have both completed the necessary legislative measures, and the CEP will enter into force from January next year," said Mr Groser.

The announcement follows today's meeting between Mr Groser and Hong Kong Financial Secretary John Tsang in Auckland.

"The meeting with Financial Secretary Tsang was very positive and forward looking. We discussed the entry into force of the CEP, Hong Kong's successful management of the Global Financial Crisis and its impressive economic recovery," said Mr Groser.

In the first half of 2010, Hong Kong's GDP increased by a robust 7.2 percent, largely attributable to the return of domestic demand and strong exports to mainland China.

"As the only two developed economies with free trade agreements with China, New Zealand and Hong Kong have both mitigated the worst effects of the global recession through our businesses' performance in that dynamic market.

"The strategic importance of the CEP's comprehensive framework is that it will help New Zealand companies in Hong Kong as well as support companies building business in China from a Hong Kong base," said Mr Groser.

Hong Kong is New Zealand's ninth largest export market, worth $850 million in the year to September 2010.

ENDS

© Scoop Media