Minister welcomes NZCIO/TECO signing

Trade Minister Tim Groser welcomed today the signature by the directors of the New Zealand Commerce and Industry Office, and the Taiwan Economic and Cultural Office, of an Economic Cooperation Agreement.

The Agreement between New Zealand and the separate Customs Territory of Taipei, Penghu, Kinmen, and Matsu on Economic Cooperation (ANZTEC) will further cement the strong cooperation on economic and trade matters between the two economies.

“I am delighted by the signing of ANZTEC, which will deliver real benefits to New Zealand exporters,” says Mr Groser.

“This agreement will enhance New Zealand’s growth prospects through vastly improved links with a major Asian economy. It will immediately eliminate the tariffs for over 70% of current exports to Chinese Taipei, and will eventually allow 100% of New Zealand goods to enter tariff-free.”

In addition to liberalising goods trade, ANZTEC provides enhanced access for services exporters, investors and business travellers. It also provides for cooperation on trade & labour and trade & environment issues, liberalises trade for 132 environmental goods, and greatly enhances the connectedness of our two economies by encouraging better and more frequent air services.

“This is the first such agreement which incorporates a chapter on indigenous cooperation. It draws on the unique connections between Māori and the indigenous people of Chinese Taipei, and provides enhanced opportunities for cultural and economic cooperation.”

The ANZTEC agreement will be sent to Parliament for examination, after which, subject to passing the necessary legislation, it should enter into force in 2014.