Trade and Agriculture Minister Hon Todd McClay has signed a groundbreaking trade agreement at APEC in Peru, focusing on New Zealand’s sustainable exports. The Agreement on Trade and Sustainability (ACCTS), involving Costa Rica, Iceland, and Switzerland, aims to eliminate tariffs on key sustainable goods and services, boosting economic opportunities for New Zealand businesses.
Key exports, including 45 wood and wool products, will benefit from tariff removal, helping New Zealand achieve its goal of doubling exports by value within ten years. The agreement will also lower costs for consumers by removing tariffs on insulation materials, recycled paper, and energy-efficient products like LED lamps and rechargeable batteries.
ACCTS also introduces international guidelines on eco-labeling and supports New Zealand’s renewable energy sector by establishing rules to prevent fossil fuel subsidies. This initiative aims to open new markets, create jobs, and add value to the economy, with more economic benefits expected as additional countries join.
Source: Beehive
More information on: Asia-Pacific Economic Cooperation or APEC