Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


WTO Round Launch “Takes Us To The Starting Line”

Fonterra Co-operative Group Ltd has welcomed the launch of a multilateral trade round by the World Trade Organisation (WTO) saying it can facilitate the reduction of poverty in the least-developed countries and deliver higher returns for New Zealand dairy farmers.

CEO Craig Norgate said the outcome from the WTO meeting “takes us to the starting line” towards these goals, particularly following the terrorist attacks in the United States.

“A reduction and eventual elimination of agricultural subsidies and protection in the developed world would open up wealthy markets to the least-developed countries, enabling them to establish sound agricultural industries, build their economies and take their people out of poverty,” he said.

“Trade builds bridges between people and therefore helps lay the foundation to secure lasting peace between nations.

“It is important the wealthier nations of the world use the round constructively to eliminate export subsidies, cut tariffs, expand quotas and reform domestic support to delink it from production.”

Mr Norgate said that getting international dairy markets on to a sound economic footing would also enable Fonterra to compete on a fairer basis in world markets.

“While US and EU producers would also benefit from agricultural reform because it would make them more efficient, we can be confident in our ability to compete with them and deliver returns back to New Zealand dairy farmers.”

Mr Norgate warned dairy farmers and New Zealanders not to expect overnight results.

“Trade reform is a long and tortuous process and we are only at the starting line. The Uruguay Round – and the path to this new round – showed us how long it can take to achieve reform. But we have at least reached that starting line and we must hope that the WTO members commit to making as speedy progress as possible to deliver the gains to the world. I want to congratulate Trade Minister Jim Sutton and his team for their part in helping get us to this point.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>