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| New Zealand - Hong Kong, China Agree CEPA |
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, November 17, 2009
New Zealand’s Prime Minister, John Key, and Hong Kong’s Chief Executive,
Donald Tsang, have announced the conclusion of negotiations for a New Zealand
- Hong Kong, China Closer Economic Partnership Agreement (CEP).
It was said that, with both economies strongly committed to trade liberalization,
it is hoped 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.
New Zealand’s Trade Minister, Tim Groser, noted that Hong Kong is New
Zealand's 9th largest export market and 8th largest source of foreign direct
investment. New Zealand's trade with Hong Kong has grown by an annual average
of 7.4% for the past five years and is in excess of NZD1bn (USD740m).
He said: "Our agreement further enhances New Zealand's economic integration
with the region through our existing high quality free trade agreements with
Thailand, Singapore, China, ASEAN and most recently with Malaysia. In addition
to facilitating further trade between the two economies, the agreement will
stimulate the development of a closer bilateral relationship.”
The CEP is also said to demonstrate a further move towards greater regional
economic integration. New Zealand has concluded a number of trade agreements
with economies in the region. As for Hong Kong, the CEP is its first
free trade agreement with a foreign economy.
As a services-oriented economy, Hong Kong will benefit from liberalization
measures under the agreement, the average annual growth rate in the bilateral
trade in services having been 11% from 2003 to 2007.
Tsang commented: "For us it is also important because it is the first
one we have concluded outside of China. We want it to be the template for other
negotiations we are conducting – a high quality one hopefully giving special
impetus to what is happening in the Doha round of negotiations in Geneva."
It is envisaged that the CEP will be formally signed and the details of the
agreement released in the first half of 2010, following the completion of domestic
approval processes.
A comprehensive report in our Intelligence Report series
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http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report1.asp
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