China to cut paper and wood tariffs from New Zealand from April 7
BEIJING (Reuters) – China will implement an improve to the free commerce settlement between Beijing and Wellington to get rid of tariffs of 12 wooden and paper merchandise imported from New Zealand from April 7, the Ministry of Finance stated on Sunday.
The transfer follows the deal signed by the 2 governments in January to improve their current free commerce pact, permitting 99% of New Zealand’s $3 billion wooden and paper commerce to China to obtain tariff-free entry over a 10-year implementation interval.
Import tariffs for merchandise comparable to bathroom or facial tissue inventory and paper used for writing might be diminished to six.8% and 4.5% from April 7 from present charges of seven.5% and 5%, respectively, and might be step by step lower over the subsequent 10 years to achieve zero.
“2022 marks the fiftieth anniversary of the diplomatic relations between China and New Zealand and April seventh is the 14th anniversary of the signing of the China-New Zealand Free Commerce Settlement (FTA),” the finance ministry stated within the assertion.
“The implementation of the agreed tariff charges will additional promote commerce and funding between the 2 international locations.”
China has eradicated or diminished tariffs on 75 wooden and paper tariff strains for New Zealand merchandise because the current FTA entered into pressure in 2008.
(Reporting by Muyu Xu and Tony Munroe; Modifying by Jacqueline Wong)
