Free Trade Agreement Between Australia And New Zealand

December 9, 2020

The Trans-Pacific Strategic Economic Partnership Agreement (P4) is an agreement between Brunei Darussalam, Chile, Singapore and NZ. The P4 agreement, which represents “Pacific 4,” came into force in 2006. Under P4, most tariffs on goods traded between Member States were immediately abolished, with the remaining tariffs expiring (until 2015 for Brunei Darussalam and 2017 for Chile). Now is the time to write the next chapter on the way to an internal market for the economy. During my visit, I discussed with Prime Minister Key the remarkable progress made in the SmartGate project to create borderless travel between our two countries. This month, a joint study will be launched to explore how we can create a true “domestic” aviation experience. We are negotiating a revaluation of our existing free trade agreement with ASEAN to modernize it, further reduce export barriers and boost trade in the region. The New Zealand Free Trade Agreement (NZCFTA) came into force on 1 October 2008. NZ was the first OECD country to sign a comprehensive free trade agreement with China. In addition to the free trade agreement, New Zealand has agreements with the Philippines and Vietnam to allow temporary employment in New Zealand.

Since then, New Zealand has set up a Working Holiday Scheme with both countries. The South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA) is a non-reciprocal trade agreement in which NZ (with Australia) provides preferential tariff treatment for certain products that are the production or production of Pacific Forum countries (known as the Forum Island Countries). For NZ products exported to an Island Country Forum, there is no preferential rate. Information on the rules of origin and the use of this agreement can be found in The Thailand Closer Economic Partnership Agreement (PDF 262 KB). More information about Thailand CEP can also be found on the MFAT website. Austrade has detailed information on activities in New Zealand and in ASEAN countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

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