New Zealand Trade and Agriculture Minister Todd McClay emphasized the importance of China-New Zealand trade relations while leading a trade delegation at the ongoing seventh China International Import Expo (CIIE) in Shanghai.
The CIIE is the world's first national-level exposition dedicated to imports. This year's expo is scheduled to run from Nov 5 to 10.
Almost 70 New Zealand companies, including Manuka honey exporter Comvita, dairy giant Fonterra, New Zealand's largest red meat exporter Silver Fern Farms and Milk New Zealand Dairy, are participating in the CIIE which kicked off Tuesday.
Among the exhibitors, 27 companies are showcasing their products at the "Taste New Zealand" pavilion, organized by the China Chamber of Commerce in collaboration with New Zealand Trade and Enterprise (NZTE).
McClay highlighted the enthusiasm and high level of interest from New Zealand exporters in participating in the event, which has seen New Zealand's involvement since its inception in 2018.
"Look, it's a wonderful exhibition, one of the largest in the world when it comes to imports, and we're so pleased we have around 70 New Zealand companies who have come here either exhibiting or they're just part of our business delegation. They're enjoying it. They're forming great relationships with Chinese businesses and it's just a very successful enterprise for New Zealand. The 70 New Zealand companies that are here in market today that have joined us is testament not only to the importance they place on this economic relationship, but the obvious opportunities that the CIIE presents to them," said McClay.
McClay explained that his participation in the 7th CIIE marks his second visit to China this year. He expressed hope to leverage both the expo and the Free Trade Agreement (FTA) between China and New Zealand to enhance the quality and efficiency of their economic and trade relations.
"The economic relationship between New Zealand and China is very important. We have a free trade agreement that now has grown from about 2 billion dollars a year of two-way trade to almost 40 billion dollars. So the FTA is a great cornerstone of that relationship. It's one of our most important economic relationships," he said.
China and New Zealand signed an FTA in as early as 2008, which was the first FTA that China signed with a developed country. From 2008 to 2022, the annual average growth rate of bilateral goods trade between the two countries was 13 percent, with New Zealand's exports to China growing at an average annual rate of 17 percent.
China has been New Zealand's largest trading partner, export destination, and source of imports for many consecutive years. Trade is a crucial pillar of New Zealand's economy, providing one-quarter of the country's jobs.
Additionally, McClay noted that New Zealand's tourism industry has seen a strong recovery this year, thanks to the increase in the number of Chinese tourists. Cultural exchanges between the two countries have also been on the rise, and the governments and businesses of both countries are cooperating in several areas, including climate change and environmental protection.
"We expect about 300,000 tourists from China to visit New Zealand this year. The number of direct flights is increasing. We also have a lot of students that study in both directions. In agriculture and technology and climate change and environment, we already cooperate a lot at the government level, but we're finding our companies are doing that as well," said McClay.
New Zealand's trade minister stresses significance of China-NZ economic relations
