The end of the year is often a very busy time for trade policy practitioners. This year will be no different. We have an APEC Leaders’ Meeting in Peru and associated trade and foreign minister meetings; CPTPP Ministers will be meeting; Members are ratifying and planning to implement the Indo-Pacific Economic Framework (IPEF); the lawyers are tidying up the recent agreement with the UAE; negotiations continue with the Gulf Cooperation Council (GCC); and intensive diplomacy with India continues. Analysts are trying to understand what the impact of the Chinese economic stimulus package will have on import demand. Overlaying everything is the US Presidential Election, where trade policy is very much front and centre of both the Dems and GOP policy platforms.

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 At this point, it is too early to tell what impact the news that President Biden has withdrawn from the race will have on trade policies and expectations, but prior to this decision, Trump looked very likely to be the victor in key swing states post the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