NZ Trade: Is A US Trade Agreement Really Vital?
April 22nd, 2010
John Key has been doing the hard yards in the US, meeting with Vice President Joe Biden, touching base with trade representatives and gaining plenty of plaudits and more outpourings about how much of a friend NZ is to the US. But there is a bigger fish the Govt should be putting its effort into, the Single Economic Market with Australia.
Aust has the fastest growing population in the world (it’s predicted there will be 35m Australians by 2049), it is our biggest export market, taking around 25% of all our goods and service exports, it is the biggest destination for our investment, and is the biggest foreign investor in NZ. Aust exports to NZ amount to about 12% of its output. We have had CER for decades, now the Single Economic Market is tantalisingly close.
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It would be more valuable to the country for the Govt to concentrate on moving the Single Economic Market forward at pace, developing initiatives announced last year like easier travel between the two countries, and simpler documentation for trade. Negotiations to enlarge the Trans Pacific Trade partnership to include the US and Aust, will bear more fruit in the long-term than a fruitless battle for a bilateral US FTA.
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