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China will remove tariffs on paper and wood products coming from New Zealand. The tax cut will be implemented starting April 7.
The Ministry of Finance said on Sunday, April 3, that the move is part of China's upgrade to the free trade agreement between Wellington and Beijing meant to get rid of the tariffs for 12 wood and paper products that are imported from New Zealand.
As per Reuters, NZ and China signed a deal in January to improve their existing free trade pact. They planned to allow 99% of the former's $3 billion wood and paper trade to China to be free of tariffs within a 10-year period.
With the tax cut on the items such as toilet paper and writing papers, tariffs will be reduced to 6.8% and 4.5% from 7.5% and five percent of previous duties. The reduction will be carried over the next 10 years until it reaches zero.
"2022 marks the 50th anniversary of the 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 of Finance said in a statement. "The implementation of the agreed tariff rates will further promote trade and investment between the two countries."
It was reported that since 2008, when China and New Zealand signed the free trade agreement, the former had already eliminated or reduced tax on 75 wood and paper products for the latter.
New Zealand's Gisborne Herald reported that Tairawhiti's forestry industry in the country is welcoming the upgrade to the New Zealand-China FTA. The improvement has been confirmed the Damien O'Connor, NZ's Minister for Trade and Export Growth. He said that the final step for the upgrade was signed in January of last year, and it is set to be implemented this week.
"The upgrade also includes new market access commitments in goods and services, and additional trade facilitation measures," O'Connor said in a statement. "In terms of goods, the upgrade will deliver further market access improvements, resulting in tariff-free access for 99 percent of New Zealand's $4 billion wood and paper trade to China, once fully implemented. Our existing FTA will also be augmented by new chapters in e-commerce, competition policy, government procurement, and the environment."
