New paths for sustainable trade, including climate change considerations. Engagement in free trade negotiations is a crucial part of the process, as the government helps us achieve the best outcome for New Zealanders. NZ also has bilateral trade agreements with Malaysia, Australia and Thailand. Distributors should consider the agreement that is most beneficial to their imported/exported products. New Zealand negotiates bilateral and multilateral free trade agreements with the following blocs and countries: New Zealand is a party to several international agreements limiting trade or production of hazardous substances. The Trans-Pacific Strategic Economic Partnership Agreement (P4) is an agreement between Brunei Darussalam, Chile, Singapore and NZ. The P4 agreement, which represents “Pacific 4,” came into force in 2006. Under P4, most tariffs on goods traded between Member States were immediately abolished, with the remaining tariffs expiring (until 2015 for Brunei Darussalam and 2017 for Chile). New Zealand`s economy is a market economy heavily dependent on international trade, particularly with Australia, the United States of America, China and Japan. It is highly dependent on tourism and agricultural exports and has only small manufacturing and high-tech components. Market economic reforms in recent decades have removed many barriers to foreign investment, and the World Bank has made New Zealand the most business-friendly country in the world .
Regional and bilateral free trade agreements have become an important part of New Zealand`s international trade policy. New Zealand has used free trade agreements, also known as closer economic partnerships, to liberalize trade between economies. A closer economic partnership agreement with Thailand was negotiated in 2004 and implemented in 2005. Negotiations for a free trade agreement with Chile, Brunei and Singapore, known as the Trans-Pacific Strategic Economic Partnership, were concluded in 2005. Negotiations on other agreements with Malaysia began in 2006, but could not be concluded. The historic free trade agreement with China was signed in Beijing in April 2008.  The NZ-Malaysia Free Trade Agreement includes trade in goods and services as well as investments in one of our fastest export markets. In 2017, the EU and New Zealand entered into a partnership agreement containing a number of rules for economic and trade cooperation.