New Zealand Signed An Economic And Trade Agreement With Hongkong, Which Will Reduce Hongkong's Product Tariffs.
Comprehensive foreign power reported on March 29th, New Zealand and Hongkong signed an agreement 29 days (Closer Economic Partnership), the agreement will reduce tariffs on New Zealand's exports to Hongkong, thereby enhancing the competitiveness of Hongkong products.
The Ministry of foreign trade and trade of New Zealand said that the agreement would be implemented later in 2010, and that 54% of Hongkong's tariffs on New Zealand's exports would be abolished. The remaining 46% of products would be phased out tariffs by 2016.
The agency said the longer period of phasing out tariffs would apply to New Zealand industries, such as textiles, clothing and footwear, which are sensitive to imports.
New Zealand's Ministry of foreign affairs and trade added that the agreement also brought legal certainty to New Zealand. New Zealand will continue to introduce zero tariff entry to all exports of Hongkong in the future.
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