Hongkong Signs Trade Relations Agreement With New Zealand To Lower Export Tariffs
According to media reports, Hongkong and New Zealand signed the Closer Economic Partnership on Monday. The agreement will reduce tariffs on Hongkong's exports to New Zealand and enhance the competitiveness of Hongkong's products.
New Zealand's Ministry of foreign trade and Trade said that the agreement will be implemented later this year, which will cancel 54% of Hongkong's tariffs on New Zealand's exports, and the remaining 46% will be phased out tariffs by 2016.
New Zealand's Ministry of foreign trade and Trade said that the longer period of phasing out tariffs will apply to New Zealand industries, such as textiles, clothing and footwear, which are sensitive to imports.
It 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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