Minister welcomes ANZTEC entry into forceTrade
Trade Minister Tim Groser welcomed today’s announcement that the Economic Cooperation Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu (Chinese Taipei) would enter into force on 1 December 2013.
Over four years, the Agreement between New Zealand and the separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu on Economic Cooperation (ANZTEC) delivers complete removal of tariffs on 99 percent of New Zealand’s current exports to Chinese Taipei, and 100 percent within 12 years.
“I’m very pleased to see this comprehensive, high quality agreement enter into force,” Mr Groser says.
“New Zealand exporters will benefit immediately from preferential tariff access, giving them a key competitive advantage in an important and affluent market of 23 million people.”
“There will be tariff savings of nearly $40m on current trade on entry into force.
“Once the agreement is fully implemented tariff savings will reach NZ$75m, based on current trade. But given trade can be expected to increase, those savings are likely to be even higher.”
Virtually all New Zealand dairy exports, including milk powder, cheese and butter, and all New Zealand apple, cherry and wine exports will be duty free on entry into force.
ANZTEC is the first agreement of its type to include substantive chapters on trade and labour, trade and environment, and indigenous people. It includes a commitment to immediately liberalise 132 environmental products deemed to support green growth and sustainable development objectives.
ANZTEC also calls for the expansion of existing cultural and economic linkages between Māori and the aboriginal people living in Chinese Taipei, in terms of indigenous arts, culture and tourism.