FIT members commit to smoother trade

Members of the Future of Investment and Trade (FIT) Partnership have committed to practical initiatives aimed at enhancing trade and reducing barriers at their meeting in Auckland today, says Trade and Investment Minister Todd McClay and Chair of the ministerial meeting.

“It was a pleasure to host ministers and representatives from Africa, the Middle East, Asia, Europe, Latin America and the Pacific, in Auckland. New Zealand is well respected for its principled approach to rules-based trade and reduced trade barriers. This was a chance to show the world how we do things and what we have to offer.

“The outcomes achieved illustrate the shared desire of ministers to take practical steps to enhance trade. 

“I was pleased to lead the new arrangement focused on tackling non-tariff barriers (NTBs). For New Zealand alone, they impact an estimated $9 billion of trade, hitting the primary sector hardest,” Mr McClay says. “As small and medium sized economies, they directly affect whether our exporters can compete in-market.”

Outcomes from the meeting included:           

Eight countries joined New Zealand in a declaration on confronting NTBs. This provides a framework for members to take practical steps to tackle trade barriers and strengthen our trading positions.
New Zealand and other FIT partners issued a Ministerial Declaration on digital trade. This is about harnessing the power of digital technology to facilitate trade, including to drive paperless trade. Next practical steps will progress pilot projects focused on electronic commercial trade documents, with a view to scaling these through public-private partnerships.
13 members of the FIT Partnership issued a Ministerial Declaration on economic resilience to address economic security risks. They resolved to work together, and with other trade partners, to ensure that trade can continue to flow unimpeded, and that critical infrastructure such as land routes, air and seaports remain open to support the viability and integrity of supply chains globally.
A new work area was agreed to focus on global subsidies, in ways that complement efforts in the WTO and other forums. Subsidies distort trade and investment flows, suppress global prices, and disadvantage competitive exporters. Addressing them is essential to restoring fair competition. 

“The meeting also welcomed three new members – Korea, Peru and Thailand – bringing the total membership to 19, demonstrating the value of the work the FIT Partnership is undertaking. We also welcomed Ministers from Fiji and Samoa as guests of the chair.”

For more information on the meeting outcomes go to https://www.mfat.govt.nz/en/trade/the-future-of-investment-and-trade-partnership/the-future-of-investment-and-trade-partnership ...