Ministers representing the New Zealand and Chinese governments have held talks focusing on how their Free Trade Agreement (FTA) can be supported.

Chinese Customs Vice Minister Lu Bin met with his New Zealand counterpart Maurice Williamson to discuss their joint aims of making trade and compliance easier, and of doubling bilateral trade levels by 2015. They also noted the work currently underway to "explore solutions that will benefit traders as well as the two customs administrations," Williamson explained.

A pilot is to be launched next month by Chinese customs authorities, which will introduce new procedures for clearing New Zealand goods held in bonded storage for part release into the domestic market. This will result in importers facing a lower preferential tariff rate for their entire shipment. According to Williamson this will ensure that importers feel "the full benefits of the FTA."

June 10, 2013

Source: Tax News

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