Saturday, July 13, 2024

New wood and wool trade deal done

The New Zealand Government has today concluded a groundbreaking trade deal with Costa Rica, Iceland, and Switzerland, which will see the removal of tariffs on hundreds of products that benefit sustainability and the environment.

Trade and Agriculture Minister, Todd McClay said the Agreement on Climate Change, Trade and Sustainability (ACCTS) opens up commercial opportunities for New Zealand businesses by focusing on trade in sustainable goods and services.

“Crucially for New Zealand, it will see tariffs removed on key exports including 41 wood products and wool,” said Mr McClay.

“It will also remove tariffs on hundreds of other products, including wool fibre, slag wool for insulation, recycled paper along with energy saving goods like LED lamps and rechargeable batteries.”

In addition, it supports New Zealand’s renewable energy sector by establishing rules to prevent harmful fossil fuel subsidies; and sets guidelines for ecolabelling, said the Minister.

“ACCTS will open new markets for New Zealand exporters and grow in benefit over time as more countries join,” he said.

This trade agreement is the first New Zealand has concluded with these countries outside of the WTO, and is set to deliver new, high-quality, trade opportunities while tackling climate and sustainability challenges. 

“It is only through a strong economy that we can lift incomes, reduce the cost of living and provide Kiwis the public services they deserve. The ACCTS deal helps to achieve this.”

Find more information on ACCTS on the Ministry of Foreign Affairs and Trade website: https://www.mfat.govt.nz/en/trade/free-trade-agreements/trade-and-climate/agreement-on-climate-change-trade-and-sustainability-accts-negotiations/.

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