New Zealand-Singapore Closer Economic Partnership

Country / jurisdiction: New Zealand · Year: 2001 · Status: In force · Level: National · Type: Voluntary

The New Zealand-Singapore Closer Economic Partnership is a comprehensive economic agreement between the two countries aimed at fostering closer economic relations by reducing or removing trade and investment barriers. The Closer Economic Partnership was further supplemented in 2010 by the ASEAN-Australia-New Zealand Free Trade Agreement and was renegotiated in 2020.

The Partnership agreement eliminated tariffs on all goods traded between the two countries, including for:

Electric motors, turbines and generators;

Mechanical equipment including pumps, appliances, and other advanced machinery;

Electric accumulators, transformers, capacitors, batteries;

Motor vehicles;

Mineral ore, slag and ash;

Mineral fuels, oils and other products;

Metals and their articles e.g. iron and steel;

Semiconductors devices and photovoltaic cells;

The Partnership agreement also includes rules of origin and local content provisions. Goods are counted as originating from each country if:

they were wholly produced, obtained or having undergone a significant production process in one of the signatory countries

they meet the defined minimum regional value content each good e.g. 30% BU for minerals, iron and steel

Official source: https://www.mfat.govt.nz/en/trade/free-trade-agreements/free-trade-agreements-in-force/nz-singapore-closer-economic-partnership/