Nz China Free Trade Agreement

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The New Zealand-Hong Kong, China Closer Economic Partnership Agreement (NZ-HKC CEP) was signed in Hong Kong on 29 March 2010 and entered into force on 1 January 2011. The agreement allows goods exported from Hong Kong, China, to benefit from preferential tariff treatment on imports into New Zealand. At present, all goods imported into Hong Kong, China, regardless of their origin, are exempt from customs duties. The agreement ensures that in the future, New Zealand goods imported into Hong Kong, China, will remain duty-free. The improved deal will make it easier to export to China and reduce the compliance costs of New Zealand exports by millions of dollars each year, the Commerce Department said in a statement. The revised rules of origin for trans-Asian trade entered into force on 1 September 2011.