New Zealand has signed a trade agreement with Costa Rica, Iceland and Switzerland.
Trade and Agriculture Minister Todd McClay signed a trade agreement that has prioritised New Zealand’s sustainable exports at a ceremony during the Asia-Pacific Economic Cooperation (APEC) in Peru.
“The Agreement on Trade and Sustainability (ACCTS), between Costa Rica, Iceland, and Switzerland was concluded in July of this year and opened up significant economic opportunities for New Zealand businesses by eliminating tariffs on key sustainable goods and services,” said McClay.
This agreement has removed tariffs on key exports, including 45 wood and wool products, two sectors vital to achieving the goal of doubling New Zealand’s exports by value in ten years.
“This new preferential access enhances New Zealand’s competitive standing in global markets and backs Kiwi exporters to succeed overseas.”
It will also reduce consumer costs, removing tariffs on hundreds of other products, including insulation materials, recycled paper, and energy-saving products such as LED lamps and rechargeable batteries.
“ACCTS is about opening new markets, growing domestic jobs, and adding economic value. As more countries join, the economic benefits will only grow.”
This agreement has also introduced the first international guidelines on eco-labelling, ensuring they do not become Non-Tariff Barriers (NTBs). It supports New Zealand’s renewable energy sector by establishing rules to prevent fossil fuel subsidies.
“Growing New Zealand’s trade relationships is part of our plan to grow the economy, lift incomes for Kiwis, and create jobs.”
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