- Hon Todd McClay
Ten trade ministers and up to 100 delegates representing 21 countries will gather in Auckland this week for one of the most significant international trade meetings New Zealand has hosted in two decades, Trade and Investment Minister Todd McClay says.
Mr McClay will chair the second Future of Investment and Trade (FITP) Partnership Ministerial Meeting on 17 July, bringing together economies from Europe, Asia, the Middle East, Africa, Latin America and the Pacific.
“This is a global gathering, hosted by New Zealand, at a time when the world trading system is under real pressure. Ministers are coming to Auckland to focus on reducing barriers and boosting trade,” Mr McClay says.
The 16 FITP member countries are small and medium sized economies that rely on trade. New Zealand has invited Korea, Peru, Thailand, Fiji and Samoa to attend this year’s meeting as observers.
“Visiting ministers will have an opportunity to engage with the New Zealand business community and make decisions that mean trade rules are consistent, less costly and easier to navigate.
“We are agreeing practical ways to reduce barriers and make it easier for everybody to trade outside of a free trade agreement. We have to do this because trade rules are becoming contested, relationships more complex, and disruptions more frequent.
“The FIT Partnership is one way to address the unnecessary red tape, complex processes and regulations that directly affect our Kiwi exporters. Non-tariff barriers are a clear example. They affect $9 billion of New Zealand trade and hit the primary sector hardest. As Chair, I will be working with FIT partners to tackle them as a priority.
“The meeting also deepens our ties with the initiative’s other founding partners, Singapore, Switzerland and the UAE, while opening doors in emerging markets and regions where our trade links are less developed,” Mr McClay says.
“Hosting ministers from four continents puts New Zealand at the forefront of global trade once again, and shows the world just what we have to offer.”
New Zealand is a founding member of the FIT Partnership, which includes Brunei Darussalam, Chile, Costa Rica, Iceland, Liechtenstein, Malaysia, Morocco, Norway, Panama, Paraguay, Rwanda, Singapore, Switzerland, the United Arab Emirates and Uruguay.
Ministers will also discuss promoting paperless and digital trade, which reduces business costs and lifts productivity, confronting subsidies that distort trade, and reinforcing the rules that secure a level playing field.
