ExportNZ Trade & Advocacy Update August 2024

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 At this point, it is too early to tell what impact the news that President Biden has withdrawn from the race will have on trade policies and expectations, but prior to this decision, Trump looked very likely to be the victor in key swing states post the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.