New Zealand To Lower Duties For Thai Canned Tunaff

The bilateral free trade area (FTA) agreement between Thailand and New Zealand officially came into effect on July 1st.

In the initial stage of the bilateral FTA deal, Wellington will reduce import tariffs on first categories of Thai products to 0-5 percent. They include canned tuna, frozen shrimps, processed cereal products, cosmetics, electrical appliances, glass products, plastic materials, pick-up trucks and machinery.

In return Bangkok will cut its import tariffs to 0-5 percent on specific New Zealand products, including infant milk formula, cereal products and wooden goods.

The two countries have agreed to completely liberalize bilateral trade over the next 10 years.