Hon Phil Goff
Minister of Trade

03 July 2007

Goff welcomes positive APEC report on NZ

“New Zealand has been given an extremely positive assessment by its APEC peers with respect to its trade policy settings following a review of New Zealand's progress towards meeting APEC's Bogor Goals of free and open trade and investment," Trade Minister Phil Goff announced today.

“New Zealand was deemed to have already met the Bogor Goals in 11 of the 13 categories assessed and on track for meeting the goals in the remaining two areas.

"The commendation of New Zealand's progress by this grouping that represents over 60% of world GDP is welcome recognition that New Zealand’s institutions and regulatory environment rank among the best in the world. It is these policy frameworks that have helped New Zealand secure sustained economic growth over recent years.

"The review moderator, Hong Kong China’s Senior Official for APEC, summed up by congratulating New Zealand on the remarkable achievement represented by its economic transformation in recent years, saying 'If there needs to be any proof of the economic case for trade liberalisation, New Zealand is the living proof'

"In 1994 APEC member economies set a goal of achieving free and open trade and investment in the region by 2010 for industrialised economies and 2020 for developing economies – a target which has become known as APEC’s Bogor Goals", said Mr Goff.

A key mechanism for monitoring the progress of APEC economies is a ‘peer review’ of each member's Individual Action Plan where external consultants assess that economy's progress toward meeting the Bogor Goals.

Mr Goff leaves tomorrow for the APEC Trade Ministers' Meeting in Cairns, Australia from 4 to 6 July.

ENDS

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