AmCham Delighted with US P4 Negotiations

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Media Release

American Chamber of Commerce Delighted with US P4 Negotiations

Auckland, 24 September 2008 The American Chamber of Commerce in New Zealand (AmCham) is delighted with the news that the US has announced the launch of negotiations regarding their inclusion in the comprehensive Trans-Pacific Strategic Economic Partnership Agreement.

This is the most significant advance in US-NZ relations for several years and is the result of concerted efforts by both Government and Business over a significant period of time.

AmCham has been actively pursuing a Free Trade Agreement (FTA) with the US for over a decade, regularly visiting Washington to lobby both the US Administration and Congress.

Earlier this year, AmCham hosted lead trade negotiator for the US Barbara Wisel, who was in New Zealand for P4 Negotiations. The meeting acted as a key opportunity to provide Ms Wisel with feedback from US businesses in New Zealand.

Bilateral trade is currently worth $8.23 billon, accounting for about 10% of New Zealand’s total trade and bilateral FDI is $10 billion, ranking the US as New Zealand’s second largest trading partner. Research undertaken several years ago suggested that an FTA with the USA could increase bilateral trade & investment by as much as 25% with significant positive effects to the economy.

AmCham will be working closely with its counterparts in Singapore & Chile to advance businesses interests and will be back in Washington in 2009 to work with the new Administration towards achieving the agreement.

ENDS

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