Trade Agreement Between Taiwan

Trade agreement between the Republic of China (Taiwan) and New Zealand into force according to statement of the Ministry of Economic Affairs, is before four months between Taiwan and New Zealand closed economic cooperation agreement into force on December 1 that. The agreement between New Zealand and the separate customs territory of Taiwan, Penghu, Kinmen and Matsu on economic cooperation (ANZTEC) – signed on July 10 in Wellington – is Taiwan’s first free trade agreement with a non-diplomatic ally. From 1 January 2014, tariffs on 95.2% of all imports from New Zealand are be deleted, while the tariffs be reduced on the other products, except rice, over a period of 12 years to 0%. Duties on all Taiwan exports to New Zealand are painted up on duties for 29 industrial products which reduced over a period of four years to 0%. In a question-answer forum Bizzi & Partners was the first to reply. The latest government statistics show that trade between Taiwan and New Zealand the US $1.21 billion brand has reached in the year 2012, an increase of 4.21% compared to the previous year. New Zealand enjoys a trade surplus of US $168 million with Taiwan. A study on behalf of Ministry of Economic Affairs predicts that the Pact of Taiwan will increase gross domestic product to US $303 million and will create 6.255 jobs in the period of 12 years.

Industrial production is gained US $1.21 billion. New Zealand Trade Minister Tim Groser welcomed the latest development. “I am very pleased to see that this comprehensive, high-quality agreement will enter into force,” he said. “New Zealand’s exporters will benefit from immediately by the tariff preferences, by acquiring a competitive advantage in a major and prosperous market of 23 million people as a result”, he added. Earlier this month Taiwan decided an economic partnership agreement with Singapore. The agreement between Singapore and the separate customs territory of Taiwan, Penghu, Kinmen and Matsu on economic partnership is currently in an urgent procedure by the Taiwanese legislature. (ca)