Two minor trade gains

The upgrade to the FTA with China has been finalised. Upgrade is an optimistic word for it.

The original FTA (thank you Phil Goff) led to billions of dollars of more exports to China. It was the 5th Labour Government’s biggest success. Ironic that Winston and the Greens campaigned against it.

The “upgrade” will see around $36 million of tariff reductions on 1% of wood products. Some useful clarity around trading rules also. It’s definitely better than nothing, but can’t comp[are to the original FTA or the TPP.

Also a RCEP has been completed, but India has pulled out of it. We basically already have trade agreements with all the other signatories, so the gain is minor. Definitely welcome, but access to the India market was the goal.