ExportNZ Trade & Advocacy Update July 2024

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]

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.