China and New Zealand on Tuesday signed a protocol on upgrading their 12-year-old free trade agreement (FTA), which is expected to bring more benefits to the businesses and peoples of the two countries.

The FTA upgrade adds new chapters on e-commerce, government procurement, competition policy as well as environment and trade, in addition to improvements on rules of origin, customs procedures and trade facilitation, technical barriers to trade and trade in services.

On the basis of the Regional Comprehensive Economic Partnership, China will further expand its opening-up in sectors including aviation, education, finance, elderly care, and passenger transport to New Zealand to boost the trade in services.

The upgraded FTA will see both countries open their markets for certain wood and paper products.

New Zealand will lower its threshold for reviewing Chinese investment, allowing it to receive the same review treatment as members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

It has also doubled the quota for Chinese Mandarin teachers and Chinese tour guides working in the country to 300 and 200, respectively.

Reference sources: Xinhuanet, China daily