China to lower paper and wood tariffs from New Zealand from April 7

© Reuters. FILE PHOTO: Containers are viewed at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song//File Photo

BEIJING (Reuters) – China will put into effect an give a enhance to to the free trade settlement between Beijing and Wellington to put away with tariffs of 12 wood and paper merchandise imported from New Zealand from April 7, the Ministry of Finance said on Sunday.

The pass follows the deal signed by the 2 governments in January to give a enhance to their present free trade pact, permitting 99% of New Zealand’s $3 billion wood and paper trade to China to decide on up tariff-free access over a 10-year implementation length.

Import tariffs for merchandise similar to bathroom or facial tissue stock and paper ragged for writing will likely be decreased to 6.8% and 4.5% from April 7 from present rates of 7.5% and 5%, respectively, and will likely be gradually lower over the following 10 years to attain zero.

“2022 marks the 50th anniversary of the diplomatic relatives between China and New Zealand and April 7th is the 14th anniversary of the signing of the China-New Zealand Free Trade Settlement (FTA),” the finance ministry said within the assertion.

“The implementation of the agreed tariff rates will additional promote trade and investment between the 2 worldwide locations.”

China has eradicated or decreased tariffs on 75 wood and paper tariff lines for New Zealand merchandise since the present FTA entered into force in 2008.

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