Formal talks for a free trade deal between New Zealand and China have been completed and all the contentious issues resolved, New Zealand Trade Minister Phil Goff said Monday.
“I believe that we will become the first developed country in the world to sign a free trade agreement with China, which within 20 years could well be the world's largest economic power,”Goff told Radio New Zealand.
It would see China phase out tariffs on agriculture products from New Zealand, while New Zealand removes its remaining tariffs on Chinese clothing and footwear.
There was still a lot of work to be done to finalise the drafting of the 1,000-page trade agreement, he said. The New Zealand government has previously said it hopes to complete the deal by April.
Fifteen rounds of talks have been held between the two countries on the trade deal, with the last being held in December.
Prime Minister Helen Clark previously identified New Zealand’s dairy exports as a sticking point in the talks.
Trade between the two countries is worth about NZ$6.2 billion (US$4.7 billion) annually.
