Singapore is also a party to the ASEAN-Australia Free Trade Agreement (AANZFTA), the Trans-Pacific Strategic Economic Partnership (P4) and the Trans-Pacific Trans-Pacific Partnership (PPTPP). The rules of origin of the new ANZSCEP protocol contain the largest number of provisions facilitating trade in these agreements and incorporate them into the new CSR timetable as part of the protocol. For most products, it is not necessary for products originating in NZ under this agreement to be accompanied by a certificate of origin issued by a certification body. In conclusion, this agreement will play an important role in strengthening our relations with Korea. It offers significant benefits in a number of areas, including goods, services and investments. It helps to reverse the current business uncertainty and leads the trade and economic relations between New Zealand and Korea to a very positive development. From a strategic perspective, it contributes to New Zealand`s broader trade interests in strengthening economic integration in the Asia-Pacific region and multilaterally. The government wants the bill to be passed by the end of November 2015, so that the agreement can enter into force as soon as possible. I recommend this bill to Parliament. The total value of commercial imports into South Korea is approximately $490 billion.
We support the growth of our markets globally. Although New Zealand is making slow progress in our commitment to South Korea, we are already seeing that we are following in Australia`s footsteps – and it is not easy for me to mention it; No one in this country likes to follow in the footsteps of an Australian. It is important that we realize that we are actually quite late at the table. If we come together to develop these trade agreements, it is important that we can maximize the benefits for ourselves and protect our markets. I would just like to draw attention to one of the particular exports from this country, which is going to go well, and I would like to mention Zespri and the kiwifrons market. I say that because I am currently in a trust fund and we have kiwi orchards. We look forward to the growth of our product and the commercialization of offshore. We can assure them that the kiwi fruit that grows in our orchard is of the highest quality.
If we look at, for example, the South Korean agreement, the Australian government did it a few years ago. New Zealand was behind all eight balls. Our competitive advantage was undermined by the fact that we were not able to compete effectively in this market by not having a free trade agreement. This free trade agreement gives us that capacity. It is a little later than Australia, but it always brings us to that area and gives us the ability to deliver for our exporters. We are proud to be a pro-trade party. We are pleased to be able to benefit from a number of significant loans, most of which are granted to Hon Phil Goff, for the Chinese Free Trade Agreement. At the time of the free trade agreement with China, bilateral trade was about $2 billion per year. It peaked at about $12 billion, and still exceeds $10 billion.
With the drop in milk prices, it could fall a little below costs. But a massive increase in two-way trade between China and New Zealand – free trade agreements (FTAs) support NZ distributors (exporters and importers) by improving access to partner markets and removing trade barriers (such as customs procedures) in those markets.