WELLINGTON, May 6 (Bernama-Xinhua) -- New Zealand on Wednesday welcomed Costa Rica's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), reported Xinhua.
Costa Rica's entry into the CPTPP offers opportunities for Kiwi exporters, with more than 94 per cent of New Zealand exports to Costa Rica becoming duty-free immediately and rising to over 99 per cent within a decade, Trade and Investment Minister Todd McClay said in a statement.
Key New Zealand exports, including sheep meat, seafood, horticultural products, wine and therapeutic respirators, will face zero tariffs from day one, the statement said, adding that tariffs on beef will be eliminated over eight years, and dairy duties shall fall to zero over 13 years.
The move also improves protections for investors and simplifies business procedures between the two countries, noted the statement.
"The continued expansion of the CPTPP is important for growing New Zealand's preferential access to markets, as well as in response to increased challenges to the rules-based trade system," McClay was quoted as saying.
Costa Rica will become the CPTPP's 13th member, following Britain's accession in December 2024. The protocol is expected to be signed in November, with ratification to follow in member countries.
The agreement is set to enter into force in the second half of 2027. CPTPP economies account for over 15 per cent of global GDP.
--BERNAMA-XINHUA
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