Posted on April 14, 2021
Us New Zealand Free Trade Agreement
The U.S. trade deficit with New Zealand was $127 million in 2018, down 46.4% ($110 million) from 2017. New Zealand is a party to several free trade agreements (FAs) around the world. Ongoing negotiations for a free trade agreement between ASEAN and Asia Pacific countries continue to raise concerns among civil society organizations about the potential for negative social and environmental impacts. The goods can be shipped by a non-party party to the agreement and maintain preference. However, goods must not enter the trade or trade of a party or be subject to certain operations other than unloading, transshipment, deconditioning and other procedures necessary to keep the goods in good condition while they are being transported by that party. As soon as 70% of customs positions come into force will be duty-free for goods entering Taipei. Levies on the remaining lines will decrease over a 12-year period. Information on rules of origin for imports from Chinese Taipei and exports to Chinese Taipei is presented in fact sheet 48 (PDF 346 KB). New Zealand is one of America`s most powerful allies in the liberalization of international trade. New Zealand has worked with the United States in trade forums such as the WTO and APEC. Two-way trade between the United States and New Zealand has increased by 41.8 percent over the past five years to about $7.9 billion in 2015.
New Zealand is negotiating five free trade agreements, and another negotiation process is underway. How we negotiate free trade agreements and why they are important to New Zealand. New Zealand is at the forefront of global initiatives that show how trade can support broader environmental and sustainable development goals. Trade relations between the United States and New Zealand are strong and growing. Two-way merchandise trade between the United States and New Zealand was $8.2 billion in 2018, with U.S. goods exports to New Zealand at $4.1 billion and imports at $4.2 billion. In 2018, the United States recorded a trade deficit of $127 million with New Zealand. Services exports to the United States to New Zealand totaled $2.9 billion in 2018, while services imports from New Zealand totaled $2.7 billion. In 2018, the United States had a trade surplus with New Zealand of $181 million. The main exports of goods from the United States to New Zealand are aircraft, machinery, vehicles, electrical machinery and optical and medical instruments.
Major imports of products from New Zealand included meat (mainly frozen beef and lamb), beverages (mainly wine), dairy products, machinery and albuminoids (casein in general). The United States and New Zealand have concluded a bilateral framework agreement on trade and investment since 1992. McClay said his center-right government wants free trade agreements to cover 90 percent of goods exported by 2030, up from just over half now, and the U.S. will be an important part of achieving that. The South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA) is a non-reciprocal trade agreement in which NZ (with Australia) provides preferential tariff treatment for certain products that are the production or production of Pacific Forum countries (known as the Forum Island Countries).