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

 

EMA embraces historical 24 hours for NZ trade

The EMA embraces the historical 24 hours in which a deal has been struck on an upgrade to our free trade agreement with China, and the Regional Comprehensive Economic Partnership (RCEP) agreement signed by all but India.

Chief Executive Brett O’Riley says these agreements together will bring a boost to exporters and consequently the New Zealand economy.

"Many of our members who are exporters will welcome the ability to reach larger economies across the other side of the world more easily, and the reduced tariffs and clear trading arrangements these two agreements bring will makes this much simpler," he says.

Key outcomes of the upgraded China free trade agreement include preferential treatment for many wood and paper products, less compliance costs for all exports and the highest level of commitment to environmental standards China has made in any FTA.

New Zealand exports to China have tripled since 2008 when the original free trade agreement was signed.

And while RCEP covers trade among New Zealand 14 other Asia-Pacific countries, it still excludes India, a market that Mr O’Riley is hopeful will eventually join.

"India is an increasingly important market to New Zealand, where clearly there are close links with the large Indian population and number of businesses here. India’s huge population and growing middle class means our high-quality products will be in demand, and consistent rules across 15 countries would make it much simpler for our exporters," says Mr O’Riley.

"At a time when free trade is being challenged globally, it’s great to see these two agreements signed that plug New Zealand into the fastest growing economies in the world."

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>