Overview
- The Finance Ministry published a notification on October 16 that sets the first batch of preferential basic customs duty rates and tariff‑rate quotas, which take effect on October 20.
- The notice grants zero basic customs duty, AIDC and health cess for specified fresh, chilled and frozen sheep meat and sets a 15% duty for eligible kiwifruit priced at $2.50 per kg or more.
- Several products have annual TRQs and in‑quota duties, including a 40‑tonne TRQ for qualifying Manuka honey and a 200‑tonne TRQ for albumins, each with specified in‑quota BCD rates and certification rules.
- Preferential treatment requires correct tariff classification, proof of New Zealand origin and product‑specific conditions such as certification from New Zealand authorities for Manuka honey.
- The pact also secures non‑tariff commitments — New Zealand’s roughly $20 billion investment pledge over 15 years plus visa and mobility pathways — and aims to diversify trade and double bilateral trade to about NZ$7 billion by 2030 while protecting sensitive sectors such as dairy.