On 22 May 2018, the European Commission announced that it welcomed the adoption by the Council of the negotiating directives for free trade agreements with Australia and New Zealand. The preparations – which included an impact assessment for both agreements – are now complete and formal negotiations can begin. The announcement stated:
On May 7, 2018, the U.S. Department of Commerce published notice of its periodic request for comments on subsidy programs provided by countries exporting softwood lumber or softwood lumber products to the United States. Commenters have 30 days from today – or until June 6, 2018 – to submit written materials or commentary regarding (1) the country providing the subsidy; (2) the name of the subsidy program; (3) a brief description of the subsidy program; and (4) the government body or authority that provided the subsidy. All comments should be filed via regulations.gov with reference to Docket No. ITA-2018-0002.
The Customs Minister Hon Meka Whaitiri announced that more streamlined trade between New Zealand and New Zealand’s key European markets will be one of the potential benefits of a Customs Cooperation Agreement with the European Union.
The Government has launched proposals for offshore suppliers of low-value goods to New Zealand consumers to collect and return GST on those goods. For more information see the Minister of Revenue and the Minister of Customs’ media statement, questions and answers, discussion document, fact sheet, and letter from the Tax Working Group.
The new Customs and Excise Act is due to take effect from 1 October this year. Most of the changes that will occur from the Act were identified by businesses as having the potential to lower their costs and make their lives easier.
In April, President Trump indicated that his administration would reconsider the US re-joining the Trans-Pacific Partnership (TPP), after withdrawing from it last year.
Following the United States’ withdrawal from the treaty, the remaining 11 signatory states, Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam nevertheless proceeded to negotiate a new trade agreement which is now finalised and referred to as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
On 8 March 2018, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam signed the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) in Santiago, Chile.
On January 23, 2018, the Canadian Prime Minister announced that the 11 countries still committed to the Trans-Pacific Partnership, now renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), have agreed to an agreement after talks in Japan this week. Trade ministers will attend a signing ceremony in Chile in March. Details will be announced shortly. Certain provisions will be suspended for now with the thought that a future US administration might join the…
New levy rates and additional goods will apply to the Synthetic Greenhouse Gas (Goods) Levy as of 1 January 2018.
The annual indexation increase to excise and excise-equivalent duty rates together with a separate 10 percent increase took place on 1 January 2018.