Taiwan-New Zealand Economic Relations
Bilateral trade between Taiwan and New Zealand in 2019 totaled 1.3 billion US dollars. The value of New Zealand goods trade to Taiwan has risen 18% since ANZTEC entered into force.
Taiwan’s imports from New Zealand consist mainly of agricultural products. We are New Zealand’s 4th largest export market for kiwifruit, 3rd largest for beef, and the largest for cherries, while New Zealand is Taiwan’s leading supplier of butter, dairy, seafood, and forest products.
Taiwan's exports to New Zealand, on the other hand, mainly are industrial products, such as steel and plastic products, bicycles, etc., which are growing steadily.
ANZTEC has completely removed duties on all Taiwan exports entering New Zealand since 1 January 2017. In 2020, approximately 99% of New Zealand exports entered Taiwan tariff-free. The remaining tariffs will be progressively eliminated by 2025 as outlined in Annex 1 of the Agreement, except from 11 rice products.
The provisions of ANZTEC have greatly encouraged New Zealand businesses to invest in Taiwan. From 1952 to 2019, the Investment Commission under the Ministry of Economic Affairs approved 129 New Zealand investment cases in Taiwan, totaling around 111 million US dollars, with agriculture, forestry, fishery and animal husbandry, wholesale and retailing, and information services as the major targets for investment. From 1952 to 2019, the Investment Commission under the Ministry of Economic Affairs approved 10 Taiwan investment cases in New Zealand, totaling around 16.63 million US dollars, with finance, electronics manufacturing and plastic manufacturing as the major targets for investment.
The Founding Chairperson of the New Zealand VR/AR Association, Mr. Michael Gregg, has led separate delegations to Taiwan several times. During his visits not only did Mr. Gregg hold discussions with VR companies in Taiwan (including HTC, Acer, and ASUS), but significantly, an MOU was signed with the Taiwan Association for Virtual and Augmented Reality. In addition, in 2019, 2 VR/AR companies from New Zealand have already started their business operations in Taiwan.
Regarding renewable energy cooperation, there are many cooperation activities on geothermal energy between Taiwan and New Zealand last year. A Master Service Agreement (MSA) focused on geothermal exploration has been signed between Taiwan’s Industrial Technology Research Institute and New Zealand’s Institute of Geological and Nuclear Sciences Limited.
The industrial structures of Taiwan and New Zealand are complementary as Taiwan’s strengths lie in ICT, while New Zealand’s lie in biotechnology, services, geothermal development, and agricultural products, which serve as potential areas for cooperation. Thus, our two sides can strengthen strategic alliances and jointly create market and business opportunities.