3 Jan 2011

NZ - Hong Kong trade agreement now in force

1:13 pm on 3 January 2011

A closer economic partnership agreement between New Zealand and Hong Kong goes into effect from 3 January.

Trade Minister Tim Groser says cuts to current New Zealand tariffs take effect as of Monday.

Remaining tariffs will be progressively reduced to mirror those in the New Zealand-China FTA.

Mr Groser said the CEP would 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 $NZ865 million in the year to October 2010.

New Zealand is currently negotiating free trade agreements with India, South Korea and Russia.