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

 

WTO knockback not good for the New Zealand economy

16 December 2008

WTO knockback not good for the New Zealand economy

“Getting the WTO Ministerial Meeting back on track is the single biggest diplomatic priority for New Zealand right now. There are big stakes at play for our economy and we need to focus all of our resources into correcting what’s not happening in Geneva,” said Federated Farmers president, Don Nicolson.


“Last night’s cancellation of the WTO Ministerial Meeting, planned for later this week, is extremely bad news for New Zealand. As it looks right now, it’s a bad way to end a very bad year economically.

"After the recent APEC summit and the world economic meltdown, Federated Farmers had high hopes that finally, politicians had got the message that trade was better than stuffing US$300 billion in subsidies down the throats of inefficient businesses. 

“The only good news to emerge today is that the New Zealand Ambassador to the WTO and Chair of WTO Agriculture Negotiations, Crawford Falconer, is now staying in Geneva to demonstrate that concluding Doha will benefit their economies, as much as it will benefit ours. 

“Both Mr Falconer and Trade Minister, Tim Groser, represent some serious intellectual grunt and we hope this dynamic duo will get something over the line early in the New Year.

“Federated Farmers biggest concern is that instead of learning from the Great Depression, the ghost of protectionism may now be re-emerging.

“Protectionism back then turned the share market crash of 1929 into the Great Depression that lasted until World War Two.  Our government needs to be wary of moves offshore to enact latter-day versions of the disastrous Smoot-Hawley Tariff Act. 

“As Mr Groser said yesterday a political fix is needed.  In this we look to the inauguration of President-elect Barack Obama. The United States must be a force for good on trade. The incoming President needs to be convinced that kick-starting the stalled Doha Round is a major priority.

“If Doha saw an end to negative practices in trade and services, the value to the world economy has been estimated by the Economist magazine at US$73 billion dollars a year.  A successful conclusion to Doha is absolutely essential if New Zealand is to re-enter the top half of the OECD,” Mr Nicolson concluded.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>