New Zealand to Renegotiate with China [VIDEO]
As one of the largest milk exporters in the world, China is an important market for New Zealand. While there has been a free trade agreement between the two countries since 2008, New Zealand’s prime minister and his counterpart in China announced this week they will be renegotiating the deal. In large part, this renegotiation comes in the wake of Donald Trump’s election for President of the U.S. and the knowledge that the U.S. is likely to pull out of the Trans-Pacific Partnership.
According to a New Zealand news service called NewsHub, under the island nation’s current FTA with China only about one quarter of the dairy industry benefits. They say dairy groups hope to expand that benefit across all sectors of the industry.
New Zealand’s export council welcomes the deal. The organization said in a press release areas that could use improvement under a new deal include dairy volumes and chilled meat exports, in addition to technical and service barriers.