INDEPENDENT NEWS

NZIBF Welcomes RCEP Breakthrough

Published: Tue 5 Nov 2019 12:45 PM
Media release, 5 November 2019
New Zealand business leaders have reacted positively to today’s news that the text of the Regional Comprehensive Economic Partnership (RCEP) trade agreement has been agreed by fifteen of the sixteen participants (all except India).
“We are pleased that this important milestone in the RCEP process has been reached, although we are naturally disappointed that India is not yet ready to sign on. There is also more work to do on the market access front to secure the final deal” said NZIBF Executive Director Stephen Jacobi.
“From the outset, NZIBF has viewed the RCEP as a means to provide important impetus to broader trade liberalisation efforts, even though New Zealand has FTAs with most of the participants. The inclusion of India provided an opportunity to remove trade barriers and expand trade and investment with an important partner with whom we do not have an FTA. The strategic and commercial benefits of RCEP will be increased should India ultimately join, but the agreement as it stands is of significance in a world where such agreements are becoming rare.
“Without knowing the final market access package, it is difficult to judge the overall value of the deal, but we remain hopeful that, along with improved trade rules, the RCEP will provide for new, commercially meaningful access on key products of export interest, including to India.”
The RCEP negotiations were launched in late 2012 comprising 16 countries including the members of ASEAN, Australia, China, India, Japan, Korea and New Zealand. Once fully implemented, it will be the world’s largest trading bloc representing 39% of global GDP; a significant share of global trade and nearly half the world’s population.
“We thank New Zealand Ministers and trade officials for their efforts to advance New Zealand’s interests at the RCEP negotiating table over the last seven years and wish them well as they seek to bring the deal to a successful conclusion” said Mr Jacobi.
About NZIBF (www.tradeworks.org.nz)
NZIBF is a business organisation which aims to generate wealth for New Zealanders by helping ensure that New Zealand enterprises are fully integrated and engaged in the global economy and New Zealand’s global competitive position is maximised.
ends

Next in Business, Science, and Tech

National Backs Businesses With $10k JobStart
By: New Zealand National Party
Government Exempts Some Home Improvements From Costly Consents
By: New Zealand Government
The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards
By: New Zealand Media and Entertainment
ASB Takes The Lead Again With New Low Home Loan Interest Rate
By: ASB Bank
The Problems With Testing And Case Statistics For Covid-19
By: Nathan Hoturoa Gray
Fletcher Building to lay off 1000 staff in New Zealand
By: RNZ
Driving prompt payments to small businesses
By: New Zealand Government
On Why We Should Legally Protect The Right To Work From Home
By: Gordon Campbell
Thousands Of Kiwis Travelling For Queen’s Birthday Weekend
By: Auckland Airport
Understanding 5G Concerns – Expert Q&A;
By: Science Media Centre
Record Monthly Surplus As Imports Dive
By: Statistics New Zealand
Bar reopening night 'much, much quieter'
By: RNZ
New Zealand’s population passes 5 million
By: Statistics New Zealand
Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist
By: NIWA
Milestone In Cash Flow Support To SMEs
By: New Zealand Government
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media