According to recent news in the market, the negotiations on Closer Economic Partnership (CEP) between
New Zealand and
Thailand have been concluded however not all the elements in the agreement were finalized. The full text of the Agreement and the tariff reduction schedules will be released once all the elements are finalized.
In line with the decisions taken during the negotiations, CEP will be effective on July 1, 2005.
Thailand will lift quotas and tariffs on 52% of imports from
New Zealand. Currently, 4% of imports from
New Zealand are duty free. 13% of the imports from
New Zealand will be duty free by 2010.
On the side of
New Zealand, the country currently provides duty free access for 65% of imports from
Thailand.
In the first phase,
New Zealand will remove tariffs on a further 20% of imports from
Thailand. The removal of the duties will involve products in agricultural sector, processed food and sporting equipment.
In the second phase,
New Zealand will eliminate tariffs of 97% of imports from
Thailand by 2010. The products which will have duty free access to
New Zealand will include aluminum, some
automotive parts, plastics, steel and iron products.
The remaining tariffs covering textile, apparel, footwear and carpet products will be reduced to 0% level by 2015.