The International Trade Council acknowledges the recent announcement by China's Ministry of Finance to cut tariffs on wood and paper from New Zealand. The decision is expected to boost trade and investment between the two countries and foster economic growth.
China will eliminate tariffs on 12 wood and paper products imported from New Zealand from April 7, following the deal signed by the two governments in January last year to upgrade their existing free trade agreement. This will allow 99 percent of New Zealand's $3bn wood and paper trade to China to receive tariff-free access over a 10-year implementation period.
The International Trade Council recognizes the importance of bilateral trade agreements and free trade agreements in promoting global trade and economic growth. The elimination of import tariffs on wood and paper products from New Zealand is expected to benefit both countries, and the gradual reduction of tariffs over the next 10 years will provide opportunities for businesses to explore new markets and expand their operations.
China has eliminated or reduced tariffs on 75 wood and paper tariff lines for New Zealand products since the existing FTA entered into force in 2008. The International Trade Council welcomes this positive development and encourages all parties to engage in constructive dialogue to foster economic growth and job creation.