Taiwan’s Legislative Yuan approved the agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Cooperation in late October 2013 and approved the amended tariff schedule on 5 November 2013.
Changes to customs duties
Under the agreement (referred to as “ANZTEC”), almost 9,000 items originating in New Zealand are included in the amended tariff schedule. Among these, tariffs will be removed on products used in everyday life such as milk powder, butter, fresh apple, and wool.
Tariffs on almost 500 agricultural products will be reduced over a two- to eight-year period or be eliminated after 12-year tariff rate quotas.
Eleven rice related products are excluded from the schedule, however, to reduce the impact on Taiwan’s agricultural industry.
Concerning exports from Taiwan to New Zealand, the ANZTEC will benefit primarily industrial products including the top three categories exported to New Zealand—iron and steel products, plastic products, and bicycle and associated components.
Read a November 2013 report [PDF 212 KB] prepared by the KPMG member firm in Taiwan: The Economic Cooperation Agreement between Taiwan and New Zealand (ANZTEC) Reduces Tariffs on Dairy Products and Industrial Products
For more information, contact a professional with KPMG’s Trade & Customs practice:
John L. McLoughlin
Todd R. Smith
Luis A. Abad
Or your local KPMG Trade & Customs professional.