TAIPEI (Taiwan News) — The Taiwan-New Zealand Economic Cooperation Agreement (ANZTEC) has been in effect for a decade now, according to the New Zealand Commerce and Industry Office (NZCIO).

NZCIO Director Mark Pearson said that the agreement "has been a success story for both sides,” per a NZCIO press release. Over the past decade until 2022, trade between New Zealand and Taiwan has grown by nearly 50%, reaching $1.75 billion, Pearson said.

Under the agreement, both countries agreed to remove all tariffs on goods. This means that Taiwanese consumers can access New Zealand’s food products, including fruits, dairy products, and meat, at reasonable prices, he said. Meanwhile, Taiwan has been able to increase exports of electric bicycles, electronics and information technology products, steel products, and plastic products to New Zealand.

The deal also includes provisions related to Indigenous people, as it seeks to strengthen cooperation in language, culture, and business between New Zealand's Maori and Taiwan's Indigenous population. 

“ANZTEC has successfully brought New Zealand and Taiwan closer together as strongly complementary trade and cultural partners,” Pearson said. To celebrate the tenth anniversary, NZCIO will host a luncheon in Taipei this week.

ANZTEC was signed on July 11, 2013, between NZCIO and the Taipei Economic and Cultural Office in Wellington, and it came into effect on December 1, 2013.