Taiwan sign a free trade agreement with New Zealand

Taiwan signs a FTA with New Zealand

10072013

Taiwan signed a free trade agreement with New Zealand on Wednesday,at a university in Wellington a event without big fanfare. Taiwan’s economic and foreign ministers Chang Chia-chu told reporters that the agreement was considered a barometer and may kick start the signing of a series of free trade deals between the island and other countries.

Taiwan’s manufacturing sector, in particular steel, plastics and car parts, are expected to be the main beneficiaries for the island.

The deal is also set to lower the costs of popular agricultural produce, such as kiwis, apples, milk and beef from New Zealand.

“This agreement will enhance New Zealand’s growth prospects through vastly improved links with a major Asian economy,” New Zealand Trade Minister Tim Groser said in a statement.