On Monday, Australia and China signed a bilateral free trade deal that was a decade in the making. New Zealand and South Korea also signed a bilateral trade deal on the same day. The deals will lower and eventually eliminate tariffs on goods and services traded between the countries, and loosen bilateral restrictions on investment.
The two British Commonwealth nations hope to increase exports of foodstuffs and services to the Asian dynamos. In exchange, China will face fewer restrictions on investing in Australia’s resource sector, and South Koreans will more easily be able to work and study in New Zealand. [...]
“The FTA (free trade agreement) will put New Zealand exporters back on a level playing field with competitors from Korea’s other FTA partners, such as the United States, Chile and the European Union,” said New Zealand Prime Minister John Key. Read more here.