Under the agreement, New Zealand will phase out all tariffs on imports from China by 2016. In return, China will remove tariffs on 96 percent of its imports from New Zealand by 2019, according to details of the agreement released by the New Zealand government. The agreement also covers trade in services.
The accord will take effect Oct. 1, when China will end tariffs of 5 percent or less that it levies on New Zealand goods, covering 35 percent of those imports. Duties on an additional 31 percent of imports will be phased out over five years. For China, 70 percent of its exports to New Zealand will be duty-free in five years, up from 37 percent now.
The trade agreement is the sixth for China and another six are being negotiated with countries that include Australia, Peru and South Africa, the Chinese Ministry of Commerce said.
Hmmm, what country is missing? I can't quite put my finger on it.....oh yes, the US! Well, of course not with all the China bashing out on the campaign trail and in Congress. Besides, our farmers (almost half of New Zealand's exports are agriculture) are doing just fine picking the pockets of the American taxpayer making ethanol. All while making the environment worse and increasing hunger in the third world! We don't need no stinkin' trade agreement!
Agricultural produce makes up nearly half of New Zealand exports to China, but Clark, leading a 150-member trade delegation, said that Wen had expressed particular interest in harnessing New Zealand expertise in reducing carbon emissions to tackle climate change.
Reduce carbon emissions? Who knew the Kiwis knew anything about that. There's probably lots of things the Kiwis can do for China that we would like to do. Too bad our politicians are too busy trying to get re-elected to notice.