To go or woe with the WTO?

Remove

In our latest Trade Working blog Stephen Jacobi and Stephanie Honey look at prospects for #WTO #MC13.

read more

New Zealand ratifies RCEP, agreement to enter into force early next year

by | Nov 4, 2021 | Trade In The News

Remove
Written By: Hon Phil Twyford
Source: https://www.beehive.govt.nz/release/new-zealand-ratifies-rcep-agreement-enter-force-early-next-year

Aotearoa New Zealand has ratified the Regional Comprehensive Economic Partnership (RCEP), Minister of State for Trade and Export Growth Phil Twyford announced today.

“New Zealand’s ratification yesterday, alongside Australia, triggered the entry into force of what will become the world’s largest free trade agreement and further accelerate our COVID economic recovery,” Phil Twyford said.

“Businesses will be able to take advantage of RCEP’s opportunities from early next year,” Phil Twyford said.

Once fully in force, RCEP will be a trade agreement between 15 economies in the Indo-Pacific region that is home to almost a third of the world’s population, nearly a third of the world’s GDP, and collectively takes over half of New Zealand’s exports.

“This will unlock huge economic benefits for exporters and businesses, as well as new market access,” Phil Twyford said.

For New Zealand exporters, businesses and investors this means:

  • A single set of trade and investment rules across the entire RCEP region, increasing certainty and reducing complexity.
  • The opportunity for our exporters to get their products into RCEP-wide regional value chains.
  • More market access opportunities, especially for services and investment into China and some ASEAN member states.
  • Less red tape for exporters, and more streamlined trade; and
  • New rules on government procurement, competition policy and electronic commerce, which will help New Zealand exporters take advantage of increased business opportunities.

“Our primary industries will also benefit – with the new expectation that Customs authorities will release perishable goods within six hours of arrival, helping to reduce spoilage and save money. And the meat industry specifically will benefit from the elimination of tariffs on some meat products into Indonesia.

“This agreement will also enable our businesses to be better connected via regional supply chains and provide more certainty to exporters in what remain globally uncertain times.”

Independent analysis by ImpactECON has shown that over a period of 20 years, New Zealand’s annual GDP will be between 0.3 per cent and 0.6 per cent larger as a result of the agreement, amounting to an increase of between NZD $1.5 billion to NZD $3.2 billion.

“At a time of increasing international unpredictability, this agreement shows that we remain firm in upholding international rules and are a committed international participant. It gives us an influential seat at the table where the economic decisions for our region will be made.

“ASEAN countries are a critical part of the global economy. New Zealand and Australia’s dual ratification of the ASEAN-led RCEP agreement demonstrates the strong relationship we share with ASEAN,” said Phil Twyford.

REGISTER WITH TRADE WORKS

Register to stay up to date with latest news, as well as saving and discussing articles you’re interested in.

 

Remove

 

Latest News

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...

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...

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 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...