Cost To N.Z. Of New Trade Agreement

Chronicle (Levin), 23 July 1948, Page 7

Cost To N.Z. Of New Trade Agreement

- WELLINGTON; July 22. The loss ol levenue'consequeht -upon New Zealand 's adherence t'o the general agreement 011 tariffs anck tiade, may exeeed £1,000,000. annually. i'Thia was indicatod in a statement tonight by ■the Minister of Customs, Mr. Nash, I when coinmeuting tlie proelamation gazetted toni'ght irotifying that the agreement was being applied provision-* ttily(by New Zealand as from July '26. t The JMinister said the protocoi of provisional application which was sign- , ed on behalf of New Zealand on'June 30, required provisional application to be made effective within 30 days of signature. The proelamation Tists the underruentioned foreign c'ountries whose pro.ducts will be entitled to entry at moBt fevoufed nation rates: — Argentine, J3elgium (including overseas territories), Btazii, Chile, China, Cuba, Czecho'slovj:kia, Egypt, Erance (including over-, seas territories), Greece,x Lebanon. Luxemburg, Netherlands (including overseas territories), Norway, Spaih. Sweden, Syria and United States. In (erms of a trade agreement made in 1938 New Zealand and Switzerland, most favoured nation treatment is also extended to eertain Swiss products. This is provided for by a separate Order-in-Council. .Separate Orders-in-Council also provide for conseqnential amendments to existing trade agreements with Caiiada imd Australia, as well as for eertain exemptions from primage duty and surtax as provided for in the general agreements A 11 such concessions and adjustments in rates of duty which will become effective on July 26, are shown together with the existing rates, in a publication recently made available tli rough tlie Customs Departjnent. "The reduction? in duty be;ng made under the agreement," said AEr, Nasli. will involve a considerable amount of revenue. The reductious in duty will also, in eertain cases, be reflected in reduced aniounts of saies tax paid on the goods. Tt is difficult to make any precise estimate of the' total . revenue involved but based on imports in 1947, it exceeded £1,000,000." Some of the more importa'nt items affected are raisins, oranges, yrreserved fish, tobaceo leaf, eigarettes. surgieal and dental instruments, medieinal preparations, coir mats and matting. sewing cottojis. lace nets, braids and bindings, woollen textiles, table china glassware. docks, adding and accounting machines, tvpewriter tools. measuring apnliances. electric units foT domestic refri^orators, industrial machinery. motor veliicles, and timber. Tn eertain cases the reductiQn in duty represents the removal of prin\age or aurtax only whjle in ofhers tHorp is also a reduction in the rate of duty.