The New Zealand-Hong Kong Closer Economic Partnership Agreement (CEP) will come into force on January 1, the Government confirmed today.Trade Minister Tim Groser, after meeting Hong Kong's Financial Secretary John Tsang in Auckland, said both countries ha
The New Zealand-Hong Kong Closer Economic Partnership Agreement (CEP) will come into force on January 1, the Government confirmed today.
Trade Minister Tim Groser, after meeting Hong Kong's Financial Secretary John Tsang in Auckland, said both countries had now completed the necessary legislative measures.
"As the only two developed countries with free trade agreements with China, New Zealand and Hong Kong have both mitigated the worst effects of the global recession through our businesses' performance in that dynamic market," Mr Groser said.
"The strategic importance of the CEP's comprehensive framework is that it will help New Zealand companies in Hong Kong as well as support companies building business in China from a Hong Kong base."
Hong Kong is New Zealand's ninth largest export market, worth $850 million a year.
In the first half of this year, Hong Kong's GDP increased by 7.2 percent, largely attributable to the return of domestic demand and strong exports to mainland China.
