New Zealand signs historic agreement with Costa Rica, Iceland and Switzerland.
New Zealand has taken a significant step in expanding its global trade presence by signing the Agreement on Climate Change, Trade and Sustainability (ACCTS) with Costa Rica, Iceland, and Switzerland. The deal was concluded in July this year and aims to boost New Zealand's sustainable exports.
At the APEC ceremony in Peru today, Trade and Agriculture Minister Todd McClay signed the agreement, which eliminates tariffs on key sustainable goods such as wood and wool products. This move is expected to enhance New Zealand's competitive standing in global markets and increase access for Kiwi exporters.
The agreement also removes tariffs on hundreds of other products, including energy-saving items, recycled paper, and insulation materials, resulting in reduced costs for consumers. Additionally, ACCTS introduces international guidelines on eco-labelling and supports New Zealand's renewable energy sector by preventing fossil fuel subsidies.
This historic trade deal is seen as a significant step towards achieving the government's goal of doubling New Zealand's exports by value within ten years. As more countries join the agreement, the economic benefits are expected to grow further.