Yesterday, New Zealand’s Ministry of Commerce announced that an upgrade to the China-New Zealand Free Trade Agreement will come into effect on April 7. Industry experts say it is the latest step in Beijing’s bid to boost regional economic cooperation and deepen reforms. and openness at higher levels.

Wang Peng, a researcher at the Institute of State Governance at Huazhong University of Science and Technology, said the upgrade of the free trade agreement marks a new milestone between the two nations since China signed the bilateral FTA with New Zealand in 2008, its first with a developed country. country.

Wang said the upgraded FTZ is part of the country’s continuous efforts to implement its free trade zone modernization strategy and build a high-level free trade zone network with global reach.

“It will help boost confidence in the global economy amid the impact of COVID-19, demonstrating China’s firm determination to deepen reform and opening up,” Wang added.

Wang said the enhanced free trade agreement between the two countries will complement the regional comprehensive economic partnership agreement signed in 2020 by 15 countries in the Asia-Pacific region, including China and New Zealand, as it can solve specific problems in areas such as digital commerce.