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- NZ Inc Strategies
Our relationship with North Asia
Some of the world’s fastest-growing and most powerful industrial economies are in North Asia. Its economic prosperity, political stability, and 1.5 billion+ population represent huge potential for New Zealand. We already have investment, science and technology, tourism and education initiatives underway in the region, and we’re continually working on developing stronger connections and more of them.
New Zealand’s formal connections with North Asian countries include our work with international organisations such as the United Nations, the Wolrd Trade Organisation (WTO) and regional organisations such as Asia Pacific Cooperation (APEC) and the ASEAN Regional Forum (ARF).
New Zealand has significant economic and cultural ties with Taiwan. These are managed by the New Zealand Commerce and Industry Office (NZCIO) in Taipei which is a subsidiary of the Wellington Regional Chamber of Commerce.
New Zealand and North Asia are natural trading partners. New Zealand exports satisfy North Asian demand for primary produce (for example meat, dairy, logs) and an increasing range of manufactured / technology products;, and North Asian manufactured goods (machinery, vehicles, clothing) meet demand in New Zealand. North Asian countries accounted for 10% percent of foreign direct investment in New Zealand in 2014.
North Asia is an increasingly important source of foreign direct investment (FDI) into New Zealand. FDI from the region doubled from March 2009 to March 2014, reaching $7.5 billion. This is 7.5% of our total FDI stocks as at March 2014.
North Asia is also important for our services sector. Nearly two thirds (61 percent) of international students and over 15% percent of visitors coming to New Zealand are from North Asia. Overall, 20% of New Zealand’s services trade is from North Asia.
Japan, China and the Republic of Korea play a key part in the recent shift of world economic influence to Asia. These three countries are increasingly important economic and trading partners to New Zealand. Together with Taiwan and Hong Kong, they accounted for 33 percent of New Zealand's goods exports (NZ$16.4 billion) and 30 percent of imports (NZ$14.5 billion) in the year to December 2014.
Trade agreements and negotiations
New Zealand has signed free trade agreements (FTA) with China, Hong Kong and Korea:
We also have an agreement on Economic Cooperation with the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu (external link).
We're negotiating two more regional free trade agreements that include countries from North Asia,
- Trans Pacific Partnership, which includes Japan
- Regional Comprehensive Economic Partnership (RCEP), which includes China, Japan and Republic of Korea.
|China, Beijing||China and Mongolia|
|Hong Kong||Hong Kong and Macau|
|Republic of Korea, Seoul||South Korea and North Korea|
News & Events
The Korea-New Zealand FTA (KNZFTA) delivered strong results in its first full year since entry into force.
This year’s Anzac Day marks the 102nd Anniversary of the landing at Gallipoli in World War I by a Commonwealth force which included the Australian and New Zealand Army Corps (ANZAC).
Minjoo Party Representative Kim Byoung Gwan, New Zealand Prime Minister’s Fellow for 2017, visited New Zealand from 17-22 February 2017.