WELLINGTON: New Zealand Prime Minister Jacinda Ardern on Monday wrapped up the annual meeting of the East Asia Summit (EAS) and the Second Asean Global Dialogue on Post-Covid-19 Comprehensive Recovery, upgrading a trade deal with Asean and Australia.
New Zealand’s new free trade agreement (FTA) with the Association of South East Asian Nations (ASEAN) and Australia is expected to be signed and will enter into force in 2023, Xinhua quoted Ardern as saying.
“As the world feels the impact of global economic pressures, the importance of securing high-quality, modern free trade agreements is essential to the economic security of all New Zealanders,“ she said.
The upgrade to Asean-Australia-New Zealand FTA further boosts the trading ties with Asean, cutting red tape and costs on businesses and providing greater economic security to New Zealanders, said the prime minister.
Asean has become New Zealand’s third-largest trading partner. In 2021, New Zealand exported over 7 billion NZ dollars (US$4.27 billion) of goods and services to the 10 Asean countries, equating to almost 10 per cent of New Zealand’s total exports, statistics show. - Bernama