WELLINGTON, July 2 (Xinhua) -- New Zealand concluded a groundbreaking trade deal with Costa Rica, Iceland, and Switzerland on Tuesday, which removes tariffs on hundreds of products that benefit sustainability and the environment.
The Agreement on Climate Change, Trade and Sustainability (ACCTS) is the first of kind New Zealand has concluded with these countries outside of the World Trade Organization, and is set to deliver new, high-quality trade opportunities while tackling climate and sustainability challenges, said New Zealand Trade and Agriculture Minister Todd McClay.
The ACCTS opens up commercial opportunities for New Zealand businesses by focusing on trade in sustainable goods and services, McClay said, adding it will see tariffs removed on New Zealand's key exports, including 41 wood products and wool.
It will also remove tariffs on hundreds of other products, including wool fiber, slag wool for insulation, recycled paper along with energy saving goods like LED lamps and rechargeable batteries, he said.
In addition, it supports New Zealand's renewable energy sector by establishing rules to prevent harmful fossil fuel subsidies; and sets guidelines for ecolabelling.
"ACCTS will open new markets for New Zealand exporters and grow in benefit over time as more countries join," the minister said. ■
