Agreement on Climate Change, Trade and Sustainability explained

Agreement on Climate Change, Trade and Sustainability
Type:Trade agreement
Negotiators:

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.

History

ACCTS was first proposed in 2019 by New Zealand and negotiations started between New Zealand, Fiji, Costa Rica, Iceland and Norway.[3] Switzerland joined negotiations in 2020.[4] In 2021, the United Kingdom indicated they would not join the agreement in order to maintain their fossil fuel subsidies.[5] New Zealand, Costa Rica, Iceland and Switzerland finished negotiations in July 2024 following fifteen rounds. Norway continues to consider joining.

Provisions

ACCTS includes provisions for:

Membership

Current

The following countries have committed to signing ACCTS following legal review:[8]

Potential

The following countries have voiced interest in joining in the future:

ACCTS is open to all World Trade Organization members to join.[10]

See also

Notes and References

  1. Web site: 2024-07-03 . Tariffs removed on key wool and wood products in trade deal . 2024-09-10 . . en-nz.
  2. Web site: Agreement on Climate Change and Trade . 2024-09-10 . Kommerskollegium . en.
  3. Centre for Strategic and International Studies . Benson . Emily . Duncan . Elizabeth . 2022-08-30 . Small Country, Big Climate Agenda: New Zealand’s Approach to Climate and Trade . en.
  4. Web site: Update: New Zealand with Costa Rica, Fiji, Iceland, Norway and Switzerland - Agreement on Climate Change, Trade and Sustainability (ACCTS) . 2024-09-10 . WITA.
  5. Web site: 2021-11-11 . UK refuses to join trade pact to end fossil fuel subsidies, eliminate tariffs on green goods . 2024-09-10 . POLITICO . en-GB.
  6. Web site: Trade . New Zealand Ministry of Foreign Affairs and . Timelines . 2024-09-10 . New Zealand Ministry of Foreign Affairs and Trade . en-NZ.
  7. Web site: Trade . New Zealand Ministry of Foreign Affairs and . Fossil fuel subsidy reform (FFSR) . 2024-09-10 . New Zealand Ministry of Foreign Affairs and Trade . en-NZ.
  8. Web site: 2024-07-02 . Joint Ministerial Statement on Conclusion of Negotiations for the Agreement on Climate Change, Trade and Sustainability . 2024-09-11 . New Zealand Government.
  9. Web site: 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 . 2024-09-10 . Government.no . en-GB.
  10. Centre for Strategic and International Studies . Reinsch . William Alan . 2024-08-12 . A Small Sign of Life on the Climate-Trade Front . en.

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