New Zealand Secures Duty-Free Access for All Dairy Products in China
Source: The DairyNews
In a significant development under the New Zealand-China free trade agreement signed in 2008, the last phase-out hurdle for milk powder imports has been successfully cleared.
As of December 31, safeguard duties on milk powder have been lifted, allowing all New Zealand dairy products to now enter China duty-free. This marks the culmination of the removal of all remaining tariffs agreed upon in the historic free trade deal between the two nations.
Trade Minister Todd McClay anticipates substantial benefits from this milestone, with an estimated annual tariff savings of US$221 million. New Zealand, being the first developed country to forge a free-trade agreement with China in 2008, has once again reinforced its commitment to fostering strong economic ties with the Asian giant.
The journey, which began with the longest phase-out for milk powder imports, has now reached a new level with an upgraded trade deal signed in 2022 when former Prime Minister Jacinda Ardern met President Xi Jinping.
Trade Minister Todd McClay anticipates substantial benefits from this milestone, with an estimated annual tariff savings of US$221 million. New Zealand, being the first developed country to forge a free-trade agreement with China in 2008, has once again reinforced its commitment to fostering strong economic ties with the Asian giant.
The journey, which began with the longest phase-out for milk powder imports, has now reached a new level with an upgraded trade deal signed in 2022 when former Prime Minister Jacinda Ardern met President Xi Jinping.
