The Ministry of Finance of China said on Sunday, April 3, that the country will reduce tariffs on 12 wood and paper products imported from New Zealand as of April 7.
According to Reuters, import tariffs for toilet or facial tissue stock will be reduced from 7.5% to 6.8%, while writing paper will be cut from 5% to 4.5%. Over the next ten years, they will be steadily reduced to zero.
Under the trade deal signed in January 2022 between the two countries, China accepted 99% of wood and paper products imported from New Zealand with a free tariff to be implemented in a 10-year plan.
China has eliminated or reduced 75 tariff lines of New Zealand’s wood and paper since the free trade agreement between the two governments came into effect in 2008.
The Ministry of Finance said in the statement, “The implementation of the agreed tariff rates will further promote trade and investment between the two countries.”