Wellington [New Zealand], November 16: New Zealand signed a trade agreement with Costa Rica, Iceland, and Switzerland that prioritizes Kiwi sustainable exports, according to the New Zealand government on Saturday.
The Agreement on Trade and Sustainability (ACCTS) with Costa Rica, Iceland, and Switzerland was concluded in July and opens up significant economic opportunities for New Zealand businesses by eliminating tariffs on key sustainable goods and services, said Trade and Agriculture Minister Todd McClay who signed it at a ceremony during the ongoing Asia-Pacific Economic Cooperation (APEC) in Peru.
This agreement removes tariffs on New Zealand key exports including 45 wood and wool products, two sectors that are vital to achieving the goal of doubling New Zealand's exports by value in ten years, the statement said.
"This new preferential access enhances New Zealand's competitive standing in global markets and backs Kiwi exporters to succeed overseas," it said, adding it will also reduce costs for consumers, removing tariffs on hundreds of other products, including insulation materials, recycled paper, and energy-saving products such as LED lamps and rechargeable batteries.
This agreement also introduces the first international guidelines on eco-labeling, ensuring they do not become non-tariff barriers, and further supports New Zealand's renewable energy sector by establishing rules to prevent fossil fuel subsidies, McClay said.
The ACCTS is about opening new markets, growing domestic jobs, and adding value across the economy. As more countries join, the economic benefits will only grow, the minister said.
Source: Xinhua