Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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. 

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“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

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.