Executive Director StephenJacobi gave a global economic update to the recent 55th One Stop Update for Accountants.
Taiwan Agreement a positive step towards regional economic integration
The New Zealand International Business Forum (NZIBF) has told Parliament that it warmly welcomes and supports the Government’s intention to conclude an economic cooperation agreement (ANZTEC) with Taiwan.
The support was confirmed in NZIBF’s submission to the Foreign Affairs, Defence and Trade Select Committee, made by Executive Director, Stephen Jacobi
“The ANZTEC agreement is high quality, ambitious and comprehensive. It’s the first of its kind between Taiwan and an OECD economy, and we welcome the opportunity this agreement provides to expand trade and investment linkages with Taiwan,” said Mr Jacobi.
“The economic benefits to New Zealand are considerable. The comprehensive tariff elimination and other improvements to the rules governing trade and investment between the parties will lead to improved returns for business and lower costs and more product choice for consumers.”
By the end of the first four years 98.7% of current exports to Chinese Taipei will be duty free. New Zealand could expect to generate increases in merchandise exports in excess of $100 million.
On entry into force tariffs on 44% or $432.5 million of New Zealand’s current exports to Chinese Taipei will be eliminated, with an estimated duty saving to New Zealand exporters of $40.3 million.
“The agreement is also innovative in its treatment of labour, environment and indigenous issues. It will create new opportunities for New Zealand in the education services sector and facilitate a growing investment relationship,” said Mr Jacobi.
The agreement is an important move towards greater regional economic integration. ANZTEC represents another step forward towards regional consensus on the benefits of trade and investment liberalisation, taking the region a step closer to our ideal of a Free Trade Area of the Asia Pacific.”
The NZIBF concurred with the conclusions of the agreement’s positive impact on New Zealand’s economic interests described in the National Interest Analysis and recommended the agreement’s early ratification and entry into force.
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
ADDRESS TO THE 55TH ONE STOP UPDATE FOR THE ACCOUNTANT IN BUSINESS – GLOBAL ECONOMIC UPDATE
AUCKLAND, 21 OCTOBER 2024 STEPHEN JACOBI, EXECUTIVE DIRECTOR, NZ INTERNATIONAL BUSINESS FORUM Introduction Thanks to Brightstar for the opportunity to be with you again, in person this time! I’ve spoken several times now at this event and I’ve usually begun by...
NZ/GCC FREE TRADE AGREEMENT – EXPANDING OPPORTUNITIES IN THE GULF
Building on earlier negotiations with the United Arab Emirates, New Zealand’s successful conclusion of negotiations for a NZ/Gulf Co-operation Council Free Trade Agreement should enable further expansion of trade with the GCC’s six members in the Middle East, says the...
TIES THAT BIND – EXPANDING CER TO ASEAN
For New Zealand to pay more attention to the economies of ASEAN (the ten-member Association of South East Asian nations) makes sense, particularly at a time when doing business around the world is tough and when we need all of our international connections to deliver...
NZ/UAE CEPA: A VALUABLE STEP FORWARD IN GULF – BUSINESS FORUM
Media release, 26 September 2024 In a challenging year for business, the successful conclusion of the NZ/UAE Closer Economic Partnership Agreement (CEPA) is a welcome bright spot and helps build a stronger foundation for this country’s trade in the Middle East, says...
SPOTLIGHT ON SUBSIDIES
With much of the world turning inwards and the World Trade Organisation (WTO) in a parlous state, it could be tempting to relax New Zealand’s long-term struggle to rid the world of trade-distorting, environmentally harmful and financially wasteful subsidies. Not...
Address to NZ Apples and Pears Inc Conference, 30 July
GEO-POLITICAL, TRADE AND CONSUMER UPDATE Stephen Jacobi, Executive Director, NZ International Business Forum Introduction Thanks to the team at NZ Apples and Pears for the invitation to be with you today. I’m here to talk about the bigger picture against which your...
NON TARIFF BARRIERS – “YOU ARE NOT ALONE”
Non- tariff barriers (NTBS) have a pernicious effect on trade. Sometimes it seems that just as tariffs go down, an NTB springs up! They can be hard to identify and even harder to address. The red meat industry, New Zealand’s second largest export...
INTERNATIONAL TREATY EXAMINATION OF THE AGREEMENT ON THE INDO-PACIFIC ECONOMIC FRAMEWORK FOR PROSPERITY
SUBMISSION TO THE FOREIGN AFFAIRS, DEFENCE AND TRADE SELECT COMMITTEE - JULY 2024 Introduction This submission is made on behalf of the New Zealand International Business Forum (NZIBF) and ExportNZ. NZIBF, whose members are listed at Annex A,[1] is a forum of...
Sourcing from the world’s factory – new research report into imports from China
There are very few strategic risks to New Zealand from our current levels of exposure to imports from China, concludes a new report from the New Zealand China Council, co-sponsored by NZIBF. Even if we were to diversify our sources, China is now so...
ADDRESS TO THE 54TH ONE STOP UPDATE FOR THE ACCOUNTANT IN BUSINESS – GLOBAL ECONOMIC UPDATE
AUCKLAND, WELLINGTON, CHRISTCHURCH, MAY 2024 STEPHEN JACOBI, EXECUTIVE DIRECTOR - NZ INTERNATIONAL BUSINESS FORUM Introduction Thanks once again to Brightstar for the opportunity to address you today. I’m sorry I can’t be with you in person as I am travelling...
APEC Ministers Responsible for Trade Joint Statement 2024
2024 APEC Ministers Responsible for Trade Joint Statement Arequipa, Peru | 18 May 2024 We, the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT), met in Arequipa, Peru on 17-18 May 2024, chaired by Peru’s Minister of Foreign Trade and...
Business Forum welcomes UAE FTA negotiations
Media release, 7 May 2024 The NZ International Business Forum (NZIBF) welcomes the start of formal negotiations on the New Zealand/UAE Closer Economic Partnership Agreement (CEPA) and looks forward to steady progress that will lead to the securing of a comprehensive...
Doubling our exports with zeros…and ones!
Image credit: Gerd Altmann, Pixabay The development of written language in the ancient world didn’t start with great poetry or literary epics. The catalyst for writing was the need to record the transfer of the ownership of goods from one person to another. Scribes...
Asia-Pacific business leaders rally for robust global trade amidst rising protectionism
APEC NEWS RELEASE Issued by The APEC Business Advisory Council (ABAC) - April 2024 This week in Hong Kong, China, the APEC Business Advisory Council (ABAC) voiced serious concerns regarding the global shift towards protectionism and regional fragmentation, risking...
SUBMISSION TO THE MINISTRY OF FOREIGN AFFAIRS AND TRADE – APRIL 2024
NEW ZEALAND-UAE COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT NEGOTIATIONS This submission is made on behalf of the New Zealand International Business Forum (NZIBF), whose members are listed at Annex A[1]. NZIBF is a forum of senior business leaders working together...