China and New Zealand announced the conclusion of negotiations on the upgrade of the bilateral free trade agreement (FTA) on Monday.

Two-way trade has enjoyed robust growth since China and New Zealand free trade agreement entered into force in 2008. The free trade agreement has become a catalyst for deepening bilateral economic and trade ties, said the Chinese Ministry of Commerce (MOFCOM).

In November 2016, the two countries launched the FTA upgrade negotiations against the backdrop of profound changes in trade rules and business practices to ensure the agreement continues to contribute to regional economic integration.

Exporters from both sides will benefit from improved rules that further facilitate trade. For example, chapters on Customs Procedures and Cooperation, Rules of Origin and Operational Procedures and Technical Barriers to Trade were updated. New chapters on Electronic Commerce, Environment and Trade, Competition Policy and Government Procurement were also added, according to the MOFCOM.