New Zealand and Taiwan have signed an Economic Cooperation Agreement that results in a significant outcome for the New Zealand sheep and beef sector, said Beef + Lamb New Zealand and the Meat Industry Association.
Getting rid of all beef tariffs within two years and sheepmeat tariffs within four years is important news, added B+LNZ Chairman Mike Petersen and MIA Chairman Bill Falconer.
For 2012, New Zealand exports of red meat products to Taiwan incurred around NZ$18 mill. (US$14 mill.) in tariffs. The Economic Cooperation Agreement with Taiwan will eventually eliminate these tariff payments, giving New Zealand's red meat products a competitive edge in the market, NZ officials said. The agreement also includes mechanisms to address any technical or non-tariff barriers that could restrict New Zealand trade opportunities in the event they arise.
Taiwan is a key market for the New Zealand sheep and beef sector with red meat consumption steadily increasing over the past decade, Falconer said. New Zealand exported NZ$208 mill. (US$165 mill.) worth of sheep and beef products, including co-products, to Taiwan for the year ending December 2012.
Both organisations support the Government's current free-trade negotiations with other significant trade partners in the Asia-Pacific, including the Trans-Pacific Partnership, Korea, India and the Regional Comprehensive Economic Partnership.
Source: Beef + Lamb New Zealand