The 2024 ExportNZ DHL Export Barometer shows that although New Zealand exporters are facing a challenging time, they’ve had a positive last 12 months and remain confident that conditions will continue to improve over the next 12 months. Check out this year’s survey results below.
There was little in the media about Trade Minister Hon Todd McClay’s visit to the UAE last week. But it seems to have been successful. New Zealand negotiators are apparently in the UAE in the final stages of the negotiation of the FTA this week. There is talk of a high-level visit to New Zealand from the UAE next week. This all suggests that we might be on the verge of finalising another FTA. Australia has also been negotiating with the UAE, and earlier this week, it announced that both parties had reached an agreement that would eliminate 99% of tariffs on Australian goods being imported into the UAE.
Trade & Export News Update
– United States of America – November Elections
– India-NZ Relations
– United Arab Emirates & The Gulf Cooperation Council
– CPTPP
– Supply Chain Update
– Electricity Prices Surge
Trade & Export Advocacy Update
– Option for Export Exemptions from Composition and/or Labelling Under the Food Act 2014 [COMPLETED]
– Submission to The Parliamentary Foreign Affairs, Defence, and Trade Select Committee on the Treaty Examination of the Agreement on the Indo-Pacific Economic Framework for Prosperity. [COMPLETED]
With the Indian, UK, French and European Parliament elections out of the way, the global focus is squarely on the US November election. At this point, it is too early to tell what impact the news that President Biden has withdrawn from the race will have on trade policies and expectations, but prior to this decision, Trump looked very likely to be the victor in key swing states post the assassination attempt. This has meant an in-depth focus on Trump’s trade policies as these now are looking very likely to be introduced.
The global situation has become increasingly tense with Europe following the United States in announcing new tariffs on Chinese electric vehicles. China is proposing retaliation. US wider trade policy under President Biden is appearing even more protectionist, and President candidate Trump is doubling down on plans for more tariffs, should he win. It is too early to determine what the outcome of the EU Parliament elections mean for EU trade policy.
UAE FTA Negotiations to Go Ahead.
At the beginning of the month, New Zealand Minister of Trade, Todd McClay met with his UAE counterpart, Dr Thani bin Ahmed Al Zeyoudi to announce that New Zealand and the United Arab Emirates would formally commence negotiations towards a bi-lateral free trade agreement.
New Zealand’s free trade agreement with the European Union (EU) has entered into force. To realise the significant opportunities presented by this deal, New Zealand exporters of goods and services should familiarise themselves with all relevant EU laws and take steps to ensure their compliance.
Activity over the past month has been largely devoted to ensuring full utilisation of FTAs that have been negotiated rather than negotiating new ones. The one exception is the Gulf where work continues on both the GCC and UAE opportunities. Submissions on the UAE FTA are being analysed.
Foreign Minister Peters paid an important visit to India this month. The visit appears to have gone well and to have been appreciated by the Indian side. No specific outcomes were expected, particularly on the trade front.
One of the advantages of having Trade and Foreign Ministers who have occupied the portfolios
before is that they hit the ground running. Having visited WTO Headquarters in January Hon
Todd McClay is off to Abu Dhabi for the WTO Ministerial meeting, where he will also serve as
one of three Vice Chairs of the meeting
ExportNZ-2023-Pre-Election-Report-State-of-Play-for-New-Zealands-Export-SectorDownload
In an election year, the business environment both at home and abroad remains tricky to navigate for New Zealand exporters and as evidence showcased in this year’s 2023 ExportNZ DHL Export Barometer report, there are several issues that cause concern for exporters.