Key aims to double trade with China

Prime Minister John Key. Photo / Steven McNicholl

Prime Minister John Key has arrived in Beijing and wants to get an agreement to double New Zealand's trade with China within five years.

Two-way trade between the two countries is currently $10 billion annually.

Following the free trade agreement (FTA) signing two years ago tariffs will gradually reduce.

Mr Key said he would seek an agreement with Premier Wen Jiabao when he meets him later today to reach $20 billion in five years.

He said it was possible with compounded growth of 15 percent annually.

"It's an aggressive objective but I think it's actually possible."

The wealth explosion in China would also help make it possible, he said.

Mr Key said he also hoped to address the trade imbalance that saw New Zealand import more from China than it exported.

- NZPA