Since our last update, we have seen the signing of the NZ-UAE FTA, continuing focus on the India relationship, and intensive global focus on the new Trump Administration’s trade policy. A restructure of NZTE was also announced with investment work to be undertaken by a new entity Invest New Zealand.
We now know the outcome of the US Election. The Republicans will control all facets of the US federal government – the Presidency, the Senate, the House of Representatives, and the Supreme Court. However, the exact nature of any policy changes that might occur after the new administration is inaugurated is far from certain.
There has been a lot of rhetoric regarding tariffs from the Trump campaign and many New Zealand businesses will be curious as to what the impact may be. To date, nothing has been formally announced regarding new tariffs on New Zealand exports to the United States.
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.