Short-Term Trade Pact With U.S.

Press, Volume CI, Issue 29767, 9 March 1962, Page 15

Short-Term Trade Pact With U.S.

(New Zealand Press Association)

WEUJNOTON, March 8. The MtoMer of Customs (Mr Sbefton) announced today the conriuoian of a M»rttenn trade ugrrement with the United States incorporating ooncensiotc exchanged at the recent round of tariff negotiations held under the •uapsces of the General Agreement on Tariffs and Trade. Ae the protocol which will incorporate toe concessions negotiated by toe various contracting parties during tbe negotiations will not be formally completed for some months, the Government accepted the United States Government's suggestion that concessions exchanged between toe two countries should be incorporated in a bilateral agreement covering toe interim period. Concessions which the United States has granted New Zealand include binding the existing duty-free status of certain wools imported for use in toe manufacture of caffpets, papermakens* felts and other specified products, and a 20 per cent. reduction in the duties on clover seed and on meat offals. In return New Zealand agreed to an 11 per cent, reduction, from 3s 9d to 3s 4d per lb, in the duty on unmanufactured tobacco. In addition. New Zealand bound duty-free entry for dry glucose and removed the surtax of ndne-dortietos of the duty on signalling lamps and apparatus and on twine and cordage (of both natural and synthetic fibres), for use as fishing lines or in the manufacture of nets and netting, and bound toe m fjn. rate on these products at 20 per cent. Finally .the most-favoured-nation rate on pistons, cylinder sleeves and piston rings was bound against increase. •‘This exchange of concessions is balanced and Should contribute to the expansion of trade between our two countries,” said Mr Shelton. New Zealand exported some

£4 million of carpet-type wools to toe United States in 1960, and imported just more toan £1.5 million of tobacco from tbe United State* during toe same period. The banding on imports of wool for csn»t manufacture was eapedsUy valuable to New Zealand and sbotrid be most welcome to toe farming community and tbe wool trade “This assurance of dutyfree access should contribute significantly to the expansion of our trade with the United States in this rises of wool,” he said. "The concessions wiM come into effect, as far as New Zealand is concerned, when toe new tariff is introduced on July 1. 1962." said Mr Shelton.