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

 


Retail: New Law Paves Way For Greater Supermarket Competition

Legislation that bans major supermarkets from blocking their competitors’ access to land to set up new stores paves the way for greater competition in the sector, Minister of Commerce and Consumer Affairs Dr David Clark said... More>>



International Business Forum: NZ EU FTA Coming Down To The Wire – Hold The Line

As negotiations accelerate to conclude an ambitious free trade agreement between New Zealand and the European Union, the NZ International Business Forum (NZIBF), representing a cross section of major exporters... More>>


MBIE: NZ space sector set to star in Moon mission
The New Zealand space sector is set to star in NASA’s CAPSTONE moon mission – with Rocket Lab launching a satellite to the Moon from New Zealand in June, and the lift-off of a separate NASA-NZ lunar research project... More>>



MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>



Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>