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


Congress Gives Bush Authority For Free Trade Deals

2 August 2002

Congress Gives Bush Authority For Free Trade Deals

With the passage of Trade Promotion Authority through the US Senate, President Bush has an unprecedented opportunity to demonstrate his commitment to freer trade internationally.

Trade Liberalisation Network Chairman Brian Lynch said the Senate vote was “excellent news”. “The US is the indispensable nation when it comes to trade. After disappointments with steel tariffs and the Farm Bill, the President now has a much freer hand to negotiate in the World Trade Organisation and with individual trading partners”.

It is the first time since 1994 that the President has had such authority. “This means the US can get back into the business of trade liberalisation. The Congressional action will send a powerful signal to US trading partners, including the EU and Japan, that there is a new willingness to contemplate reducing trade barriers and creating more effective trade rules”.

Mr Lynch said the development was also of direct interest to New Zealand which is keen to negotiate a free trade agreement with the US. “The President now has the power to negotiate he lacked previously. We hope the Administration will now move quickly to initiate a negotiation with Australia and New Zealand”.

Mr Lynch said that the Trade Liberalisation Network was working closely with the New Zealand/US Council and the Government to make the case for a New Zealand/US Closer Economic Partnership in Washington.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Commerce Commission: Mercury Cleared To Acquire Trustpower’s Retail Business

The Commerce Commission has granted clearance for Mercury NZ Limited to acquire Trustpower Limited’s retail business. Deputy Chair Sue Begg said the Commission is satisfied that the acquisition is unlikely to substantially lessen competition in any New Zealand market.... More>>

Consumer NZ: Buy-now, Pay-later Raking In $10m+ In Late Fees Annually

A Consumer NZ survey has found buy-now, pay-later services are costing shoppers more than $10 million a year in late fees. Close to four out of 10 Kiwi consumers use buy-now, pay-later services, such as Afterpay, Laybuy and Zip... More>>

Westpac: Catherine Mcgrath Appointed New Zealand CEO

Westpac Group CEO Peter King and the Westpac New Zealand Board today announced the appointment of Catherine McGrath as Chief Executive Officer, Westpac New Zealand... More>>

Statistics: Surge In Imports Results In Record Monthly Trade Deficit
Imports increased $1.8 billion in August 2021 compared with August 2020, resulting in a record monthly trade deficit of $2.1 billion, Stats NZ said today. Exports were little changed, down $42 million. "This is a larger deficit than normal because of higher values for imports.. More>>

Fonterra: Completes reset, announces annual results and long-term growth plan out to 2030

Fonterra Co-operative Group Limited today announced a strong set of results for the 2021 financial year, reflected in a final Farmgate Milk Price of $7.54, normalised earnings per share of 34 cents and a final dividend of 15 cents... More>>

Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>