NZIBF acknowledges the passage of the implementing legislation for the New Zealand/European Union Free Trade Agreement and looks forward to the FTA’s entry into force on 1 May.
Keep shoulders to the wheel, urge Asia-Pacific business leaders
Issued by the APEC Business Advisory Council (ABAC)
Senior business representatives from around the Asia-Pacific, gathered in Da Nang, have urged APEC Economic Leaders to press ahead with structural and trade reform.
In their annual report to APEC leaders, released today, members of the APEC Business Advisory Council (ABAC) called on leaders to show leadership on further liberalisation of trade in goods and services as well as investment flows. These issues will be discussed by ABAC Members in their annual dialogue with APEC Leaders this Friday.
“This means tackling structural reforms and non-tariff barriers, encouraging cross-border investment and maintaining the commitment to make the Free Trade Area of the Asia-Pacific a reality,” said the 2017 ABAC Chair, Mr Hoang Van Dung.
“We are seeing broad based economic recovery regionally and globally” said Hoang: “The IMF and OECD have projected that global GDP will increase by 3.7% next year, up from just over 3% in 2016, and trade flows are also recovering.
“But just as this recovery has taken longer to emerge from the 2008 crisis, so we need to create a more accommodative environment for sustained and inclusive economic growth in our region to ensure we don’t lose momentum” he added.
“That means stronger action on deeper structural reform to boost productivity, wages and skills, and putting in place the right domestic policies to enable people and businesses to adjust to a more globalized world.”
Mr. Hoang emphasised that ABAC members were united in support for the rules-based global trading system looking ahead to December’s WTO Ministerial Meeting in Buenos Aires.
The Report also highlights the transformative potential of the digital economy: “Our communities at all stages of development can benefit hugely from the digital revolution. But we cannot let a ‘digital divide’ leave behind the more vulnerable,” Hoang said.
“Across the region, we need solid digital infrastructure, skills that empower our workforce for the jobs of the future, and a regulatory environment that enables the movement of data and information across borders while also safeguarding privacy and security appropriately”. ABAC will focus further on these issues in 2018.
The Report highlights the imperative to help women participate more broadly in our economies, and to help micro, small and medium enterprises to participate in trade.
Mr Hoang affirmed the strong commitment of the business community to partner with governments to ensure a prosperous Asia-Pacific region: “We have commissioned research by the USC Marshall School on why some in our economies question the value of open trade, investment and globalization. Notwithstanding the tremendous benefits brought by trade and investment, domestic policies have not kept pace with the rate of change. We need to work with governments to show the actual benefits to our communities and identify additional steps to be taken to respond effectively to these concerns and the changes still to come.
APEC Member Economies: Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia; Singapore; Chinese Taipei; Thailand; United States of America; and Viet Nam.
“ABAC Members are enthusiastically looking forward to our direct dialogue with Leaders. It is only by fully understanding both the benefits of open trade and investment and by business and government working together with our communities to adapt that we will together realise the mighty potential of our region,” concluded Mr Hoang.
REGISTER WITH TRADE WORKS
Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.
Latest News
NZ/EU FTA A BONUS FOR SOME SECTORS – BUSINESS FORUM
Media release, 22 March 2024 The NZ International Business Forum (NZIBF) acknowledges the passage of the implementing legislation for the New Zealand/European Union Free Trade Agreement and looks forward to the FTA’s entry into force on 1 May. “This agreement was...
“MEAGRE OUTCOME” FROM WTO IN ABU DHABI – BUSINESS FORUM
Media release, 2 March 2024 Despite its overwhelming importance at the heart of the international trade system, members of the World Trade Organisation (WTO) have concluded their Ministerial in Abu Dhabi (“MC13”) with only a meagre outcome. NZ International Business...
To go or woe with the WTO?
We’ve been here before with the World Trade Organisation (WTO). The global trade body’s 13th Ministerial meeting (“MC13”) opens in Abu Dhabi on Monday 26 February, with Trade Minister McClay serving as Vice-Chair. In recent weeks diplomats, trade...
DCANZ – Agricultural Subsidy Distortions Must Be Addressed
23 February 2024 - Media Release by the Dairy Companies Association of New Zealand (DCANZ) As the world’s Trade Ministers head to a WTO meeting in Abu Dhabi, the Dairy Companies Association of New Zealand (DCANZ) is calling for an immediate capping of agricultural...
Asia-Pacific business leaders call for greater economic dynamism with people at the center of the APEC agenda
16 February 2024 - APEC NEWS RELEASE Issued by The APEC Business Advisory Council (ABAC) The APEC Business Advisory Council (ABAC), meeting this week in Kuala Lumpur, Malaysia, expressed deep concerns about the growing pressures of economic fragmentation and the risks...
SUBMISSION TO THE PARLIAMENTARY FOREIGN AFFAIRS, DEFENCE AND TRADE COMMITTEE – FEBRUARY 2024
NEW ZEALAND EUROPEAN UNION FREE TRADE AGREEMENT LEGISLATION AMENDMENT BILL Introduction and Summary This submission is made on behalf of the New Zealand International Business Forum (NZIBF) and Export NZ. NZIBF is a forum of senior business leaders working...
ABAC Statement on WTO MC13 – February 2024
Now, more than ever, the world needs a credible, relevant, and effective multilateral trading system, with the World Trade Organization (WTO) at its core. In this era of global challenges, the APEC Business Advisory Council (ABAC) recognizes that the WTO is...
Global Industry Statement on the WTO Moratorium on Customs Duties on Electronic Transmissions
NZIBF has joined 170 international business associations in calling for an extension to the current moratorium on tariffs applying to digital services (like Netflix) at the forthcoming WTO Ministerial meeting. The undersigned associations urge WTO members to support...
Resilient supply chains: Yesterday, today and tomorrow
Published by the Hinrich Foundation, Singapore, 23 August 2024 By Stephen Jacobi History has much to teach us about the way trade contributes to prosperity through the movement of goods, services, people, and ideas. Today, data can be added to this web of...
SUBMISSION TO THE MINISTRY OF FOREIGN AFFAIRS AND TRADE
GENERAL REVIEW OF THE COMPREHENSIVE AND PROGRESSIVE AGREEMENT FOR TRANS- PACIFIC PARTNERSHIP (CPTPP) DECEMBER 2023 Summary This submission is made on behalf of the New Zealand International Business Forum (NZIBF). As individual NZIBF Members may make their own...
Todd McClay – your trade mission, should you choose to accept it …
As published by Newsroom 19 December 2023 By Stephen Jacobi “Twas the week before Christmas, When all through the house Not a creature was stirring, Except busy trade officials … ‘Tis the season to be “BiM-ing”* and the NZ International Business Forum has sent its...
2023 – Steps forward and back
Trade liberalisation moved forward and backward in 2023. Some notable gains have been achieved for New Zealand, but war, geo-political rivalry and global inflation continue to depress global markets. While the pandemic continued to lurk in the shadows, 2023 was the...
NZIBF releases Brief to the Incoming Minister of Trade
DECEMBER 2023...
NZIBF 2023 Chair Report
I am pleased to present my third report on the activities and achievements of the NZ International Business Forum (NZIBF) for 2023-24, our sixteenth year of operations. I am grateful to all Members and to our executive team for your continuing support. As I...
Of APEC, CPTPP and IPEF
While New Zealand was sorting out its new Government, the alphabet soup which is trade got a good stirring in San Francisco. This was APEC Leaders’ week, the annual gathering of Leaders, Ministers, business people and other stakeholders from the 21 economies of...