New Zealand-Taiwan trade surges under FTA
Primary Industries Minister Nathan Guy and Trade Minister Tim Groser issued a joint statement to mark the one-year anniversary of the Economic Cooperation Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Cooperation.
New Zealand's total exports to Taiwan were up by 150 million NZ dollars (117.31 million U.S. dollars) to 884 million NZ dollars ( 688.36 million U.S. dollars) from December 2013 to September this year.
"Over 69 percent of New Zealand's exports to Chinese Taipei are now tariff free, representing savings of around 78.4 million NZ dollars (61.33 million U.S. dollars) to date," said Groser.
The agreement would see complete removal of tariffs on New Zealand's current exports to Taiwan, with 99 percent eliminated in four years.
"Tariffs on virtually all dairy products were removed from day one, along with apples, cherries and wine. This has been a boost to all these industries, especially apple exports which have tripled from 13 million to 39 million NZ dollars (10.17 million to 30.5 million U.S. dollars)," said Guy.
In the year ending September 2014, Chinese Taipei was New Zealand's seventh largest goods export market worth more than 1 billion NZ dollars (778.69 million U.S. dollars).
Over the same period, imports from Taiwan were up 12 percent to 661 million NZ dollars (514.59 million U.S. dollars).
Source: globalpost.com
