The Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Cooperation (ANZTEC) is Taiwan’s first free trade pact with a developed economy.
The signing took place in Wellington between Taiwanese Representative to New Zealand Elliot Y.L. Charng and his New Zealand counterpart Stephen Payton.
Comprising 25 chapters, including customs cooperation, dispute settlement, e-commerce, investment, labor, technical trade barriers and intellectual property, the ANZTEC also includes innovative provisions spanning collaboration on indigenous issues, and film and TV production, according to Taiwan Today.
Under the agreement, tariffs will be removed immediately on 95.2 percent of imports from New Zealand, while those on the remaining items, excluding rice, will be cut to zero over a period of 12 years.
Tariffs on all Taiwan exports to New Zealand will be eliminated as soon as the ANZTEC takes force, except those on 29 industrial products set to be reduced to zero over a four-year period.
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