Commerce ministry moves to speed up free trade talks with South Korea, New Zealand and Central Asian countries

Summary

The State Council Information Office held a press conference on 22 October 2026 on high-quality commerce development during the 15th Five-Year Plan period. Vice Minister of Commerce Jiang Chenghua said the ministry will implement the decisions of the Party Central Committee and the State Council, work for the early entry into force of the China-ASEAN Free Trade Area 3.0 and the protocol upgrading the China-Peru free trade agreement, accelerate free trade negotiations or upgrades with South Korea,

New Zealand and Central Asian countries, and push for positive progress on RCEP expansion and upgrading. Jiang said China will further raise the level of liberalisation in goods, services and investment,

actively incorporate rules for emerging areas such as the digital and smart economy, green development and government procurement, give full play to the role of free trade agreement joint committees,

strengthen promotion, training and service support for the agreements, and continuously improve their utilisation so that more enterprises can benefit from free trade agreements.

Commentary

China's Ministry of Commerce has announced it will accelerate negotiations to upgrade the free trade agreement with New Zealand and push for the expansion and upgrading of RCEP, offering New Zealand small and medium-sized enterprises new market access opportunities. Since the China-New Zealand free trade agreement was signed in 2008, bilateral trade has grown severalfold, and China has been New Zealand's largest trading partner for many consecutive years. Dairy products, meat and timber dominate New Zealand's exports to China, and the upgrade talks are expected to further reduce non-tariff barriers and establish rules in emerging areas such as e-commerce and government procurement.

For New Zealand SMEs, the provisions on rules of origin and customs clearance facilitation in the negotiations deserve attention, as they will directly affect export costs and timeliness. At the same time, the expansion and upgrading of RCEP may bring more Asia-Pacific economies into a unified framework, which New Zealand companies can use to optimise regional supply chain arrangements. On the other hand, China's free trade negotiations with South Korea and Central Asian countries may also divert some trade flows, and New Zealand exporters need to consolidate differentiated advantages in niche markets.

Against the industry backdrop, about a quarter of the revenue of New Zealand dairy giant Fonterra comes from Greater China, and an upgraded agreement that strengthens intellectual property and investment protection would support its long-term positioning. But SMEs should pay more attention to the opening of services trade, such as improved market access in professional services and education exports.

Keywords: Ministry of Commerce, free trade negotiations, RCEP expansion, New Zealand, Jiang Chenghua, China-ASEAN Free Trade Area 3.0, China-Peru free trade agreement, 15th Five-Year Plan, investment liberalisation

Source: Sharemarket Forum