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New Zealand Wine Industry To Benefit From TPP

by Mary Swire, Tax-News.com, Hong Kong

12 April 2016


New Zealand's wine industry will gain duty-free access into seven new countries under the Trans-Pacific Partnership (TPP), the Government said in a statement.

Trade Minister Todd McClay, on a visit to Marlborough to discuss the TPP, told exporters that the region's 140 wineries would be significant winners under the agreement.

"We already sell almost a billion dollars' worth of wine into TPP countries. The United States is New Zealand's biggest wine exporting destination and it, alone, is worth almost half a billion dollars each year. We have never achieved duty-free access, but now, under TPP, that is exactly what we get – and almost all of those tariffs are eliminated on entry into force," McClay said.

The seven new duty-free markets are the US, Japan, Canada, Mexico, Peru, Malaysia, and Vietnam.

"New Zealand winegrowers have been subject to heavy tariffs, particularly in emerging markets. Mexico currently has a 20 percent tariff and Vietnam has a 50 percent tariff. The reduction, and eventual elimination, of these tariffs will encourage our winegrowers into new markets," the Trade Minister said.

"However there are also major gains in some of our biggest markets. We export more than NZD100m of wine into Canada each year – all tariffs are eliminated as soon as TPP comes into force," he said.

TAGS: tax | free trade agreement (FTA) | export duty | tariffs | Mexico | Canada | Malaysia | New Zealand | Peru | United States | import duty | trade | Japan | Vietnam

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