New Zealand to double trade with China by 2015

China and New Zealand have agreed to increase two-way trade with each other to 20 billion New Zealand dollars by the year 2015.

New Zealand Prime Minister John Key announced the news at a press conference for New Zealand day at the World Expo in Shanghai.

Trade between China and New Zealand is now worth approximately 10 billion dollars annually, an increase of 30 per cent from last year the PM said.

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The New Zealand Prime Minister was optimistic about the future trade relationship between the two countries after meeting the Chinese premier Wen Jiabao.

“We agreed an ambitious target of trying to double two way trade between China and New Zealand to 20 billion dollars by 2015,” he said.

“That would require us to grow on a compound basis of 15 per cent a year, and both myself and Premier Wen believe it is entirely possible.”

The targets are based on strong increases in exports from both countries after the signing of a free trade agreement back in 2008.

“Last year New Zealand increased its exports to China by essentially the better part of one billion dollars that is the equivalent of the entire trade that New Zealand does with Indonesia,” the Prime Minister said.

The 2015 target is based on the success of established industries like dairy, agriculture and wine, but emerging industries like tourism could be the future big earners.

“Tourism has got the potential to be an enormous growth area, where last year around 100,000 Chinese people came to New Zealand on a holiday out of 53 million visitors who left China,” he said.

The New Zealand Prime Minister gifted a Maori canoe to China as part of New Zealand day at the World Expo.

ENDS

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