From April 7, China will revise the Beijing-Waikato free trade agreement to abolish duties on 12 wood and paper products imported from New Zealand, according to the finance ministry. The move comes after the two governments agreed in January to bolster their existing free trade agreement, allowing duty-free access to 99% of New Zealand’s $3 billion timber and paper trade with China. over a period of 10 years. Import duties on toilet or facial tissue and stationery will be lowered to 6.8% and 4.5%, respectively, on April 7 from the current rates of 7.5% and 5% , and will be steadily reduced over the next ten years to zero. .
“2022 marks the 50th anniversary of diplomatic relations between China and New Zealand and April 7 is the 14th anniversary of the signing of the China-New Zealand Free Trade Agreement (FTA),” the ministry said. of Finance in the press release. “The implementation of the agreed tariff rates will further promote trade and investment between the two countries.” China has eliminated or reduced tariffs on 75 timber and paper tariff lines for New Zealand products since the existing FTA came into effect in 2008.
Summary of news:
- From April 7, China to reduce tariffs on New Zealand imports of wood and paper
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