Economic cooperation agreement between NZ & Taiwan benefits both economies
BusinessNZ welcomes today’s announcement that New Zealand and Taiwan have signed an economic cooperation agreement.
Chief Executive Phil O’Reilly says this new agreement is an example of how the world is moving towards a more modern approach to trade.
“Both the New Zealand and Taiwanese economies will benefit from having tariffs lifted. This will happen relatively quickly, with 98% being eliminated within the next four years, and full duty-free trade being achieved within 12 years.
“Our two economies complement each other well and this will maximise the trade benefits to be gained from our strengths. For most of the last 20 years, Taiwan has been in New Zealand’s top ten most important markets for goods; as well as being an important source of migrants, students, tourists and investment.
“However, New Zealand’s trade with Taiwan has not kept pace with the overall growth of the Taiwanese economy, which has grown at a compound rate in excess of 3.5% per annum from June 2001-June 2011. The value of New Zealand’s exports has grown at 2.8% for the same period. This closer partnership and easing of restrictions should help reinvigorate trade between the two economies.”
Media contact: Phil O’Reilly 021 711 866