On February 15, 2022, China and New Zealand completed the domestic approval procedures of the upgraded free trade agreement, which will enter into force on April 7, 2022.

The upgraded agreement also marks the improvement of the quality and efficiency of China Singapore free trade relations on the basis of the world’s largest free trade agreement RCEP, which entered into force in January this year. On the basis of RCEP agreement, China will further open aviation, education, finance, retiree insurance and other service industries to New Zealand, and promote the trade of wood and paper products. In some cases, bilateral provisions exceed the level set by RCEP.

One of the main results of the upgrade is the elimination of tariffs on 12 kinds of wood and paper products within 10 years. Once fully implemented, this means that 99% of New Zealand’s US $4 billion timber and paper exports to China will receive duty-free access.