Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
New Zealand's goods and services exports to Chinese Taipei have increased in value by 22% from $987 million a year when the agreement came into force, to $1.5 billion in the year ended June 2015, he says.
The Economic Cooperation Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu (ANZTEC) entered into force in December 2013.
"New Zealand exporters are reaping the benefits of preferential tariff access to Chinese Taipei," says Groser.
"As of June 2015, exports of New Zealand apples to Chinese Taipei are now worth $40 million, up by over 200% since June 2013. Apples previously had a tariff of 20%, which was eliminated on entry into force.
"There has also been significant improvement in cherry exports (up 150% since 2013) and kiwifruit exports (up 24%).
"Dairy exports, New Zealand's largest export to Chinese Taipei, have grown 21% in value since June 2013, and now total $350 million a year. The 10% tariff on milk power and 5% tariff on butter were eliminated on entry into force.
"Exports of New Zealand wine to Chinese Taipei have grown 56% to $1.3 million. The 10% tariff on non-sparkling wine and 20% tariff on sparkling wine were eliminated on entry-into-force.
"These early results are extremely encouraging and will build jobs and more opportunities, particularly in regional and provincial New Zealand, where the production of cherries, apples and kiwifruit – all of which recorded spectacular gains – are concentrated.
"These extremely positive early results gives us confidence that Free Trade Agreements, Closer Economic Partnership Agreements and broad, comprehensive Economic Cooperation Agreements like this one are all steps towards a more prosperous New Zealand."
