The Agreement on Climate Change, Trade and Sustainability (ACCTS) is a proposed trade agreement between Costa Rica, Iceland, New Zealand and Switzerland. The deal will eliminate tariffs on hundreds of environmental goods and services alongside carbon emission reduction commitments.[1] Negotiations concluded on the 2nd July 2024[2] and the agreement is expected to be signed later in 2024 following legal verification.[3]
 Members of the Agreement on Climate Change, Trade and Sustainability | |
| Type | Trade agreement |
|---|---|
| Negotiators | |
History
editACCTS was first proposed in 2019 by New Zealand and negotiations started between New Zealand, Fiji, Costa Rica, Iceland and Norway.[4] Switzerland joined negotiations in 2020.[5] In 2021, the United Kingdom indicated they would not join the agreement in order to maintain their fossil fuel subsidies.[6] New Zealand, Costa Rica, Iceland and Switzerland finished negotiations in July 2024 following fifteen rounds. Norway continues to consider joining.[3]
Provisions
editACCTS includes provisions for:
- The removal of tariffs on 300 environmental goods including low energy light bulbs, rechargeable batteries, wool and wood products.[3]
- Reform, reduction and elimination of fossil fuel subsidies.[7]
- Consistent voluntary eco-labelling guidelines.[3]
Membership
editCurrent
editThe following countries have committed to signing ACCTS following legal review:[8]
Potential
editThe following countries have voiced interest in joining in the future:
ACCTS is open to all World Trade Organisation members to join.[10]
See also
editReferences
edit- ^ "Tariffs removed on key wool and wood products in trade deal". RNZ. 2024-07-03. Retrieved 2024-09-10.
- ^ a b "Agreement on Climate Change and Trade". Kommerskollegium. Retrieved 2024-09-10.
- ^ a b c d Trade, New Zealand Ministry of Foreign Affairs and. "Timelines". New Zealand Ministry of Foreign Affairs and Trade. Retrieved 2024-09-10.
- ^ Benson, Emily; Duncan, Elizabeth (2022-08-30). "Small Country, Big Climate Agenda: New Zealand's Approach to Climate and Trade". Centre for Strategic and International Studies.
- ^ "Update: New Zealand with Costa Rica, Fiji, Iceland, Norway and Switzerland - Agreement on Climate Change, Trade and Sustainability (ACCTS)". WITA. Retrieved 2024-09-10.
- ^ "UK refuses to join trade pact to end fossil fuel subsidies, eliminate tariffs on green goods". POLITICO. 2021-11-11. Retrieved 2024-09-10.
- ^ Trade, New Zealand Ministry of Foreign Affairs and. "Fossil fuel subsidy reform (FFSR)". New Zealand Ministry of Foreign Affairs and Trade. Retrieved 2024-09-10.
- ^ "Joint Ministerial Statement on Conclusion of Negotiations for the Agreement on Climate Change, Trade and Sustainability" (PDF). New Zealand Government. 2024-07-02. Retrieved 2024-09-11.
- ^ Affairs, Ministry of Foreign (2024-07-02). "Statement from Minister of Foreign Affairs Espen Barth Eide on the Announcement of the Conclusion of Negotiations for the Agreement on Climate Change, Trade and Sustainability". Government.no. Retrieved 2024-09-10.
- ^ Reinsch, William Alan (2024-08-12). "A Small Sign of Life on the Climate-Trade Front". Centre for Strategic and International Studies.