Ardern welcomes upgraded free trade deal with China

WELLINGTON: China and New Zealand signed a deal yesterday that upgrades their existing free trade pact, giving New Zealand exports greater access to the world’s secondlargest economy.

The agreement comes as Beijing seeks to establish itself as a strong advocate of multilateralism following a bruising trade war with the United States and as Covid19 keeps international borders closed.

‘‘China remains one of our most important trade partners . . . For this to take place during the global economic crisis bought about by Covid19 makes it particularly important,’’ Prime Minister Jacinda Ardern said yesterday.

Under the new agreement, tariffs for many of New Zealand’s mostly commoditiesbased exports, which include dairy, timber and seafood, will be either removed or cut.

Compliance costs will also be reduced. — Reuters