Wednesday, July 6, 2022
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Europe & Middle East

New Zealand looks to UK and EU to diversify market beyond China

MtR by MtR
June 17, 2021
in Europe & Middle East
0


New Zealand aims to agree free trade deals with the UK and EU this year in a bid to diversify its export markets amid rising tensions with China, the Pacific nation’s trade minister has said.

But Damien O’Connor insisted Wellington would continue to expand its trading relationship with Beijing despite “ructions” straining ties between its neighbour Australia and China.

“Any country engaged in commerce sees the value in having diversity of markets, particularly in a world that is increasingly challenged through disruption, climatic events, geopolitical events or whatever,” he told the Financial Times.

“Clearly, China for Australia is an important market as well. And while we are concerned about some of the ructions occurring, we’re just getting on and building on the areas of strength between our two nations.”

China is New Zealand’s largest trade partner, accounting for NZ$19bn (US$13.5bn) exports in the year to the end of March, a quarter of its total exports.

New Zealand’s main export partners

Wellington has managed to avoid the diplomatic disputes that have blighted Sino-Australian relations for more than a year, prompting Beijing to slap punitive tariffs on Australian wine and barley imports.

Related articles

Live news updates: Rishi Sunak says ‘standards are worth fighting for’

July 6, 2022

Eaton bringsthe acquisition of Tripp Lite to Europe, the Mid…

July 5, 2022

“We’ve always been straightforward in terms of our relationship [with China], which has been incredibly valuable,” said O’Connor, when asked how New Zealand had avoided this fate.

Wellington was the first developed country to sign a free trade deal with China in 2008, and in January it agreed to upgrade the pact to widen market access.

Nevertheless, Wellington has quietly stepped up efforts to diversify its trade relationships to reduce reliance on China.

As part of this process, O’Connor will meet Liz Truss, UK trade secretary, in London on Thursday to fast track negotiations on a free trade deal with the UK. He will later travel to Brussels to discuss an EU deal.

Truss has set her sights on New Zealand as the next target for a substantial post-Brexit trade deal. One Department for International Trade official described the talks as “the next big game in town”.

But UK officials cautioned that progress would depend on O’Connor’s meeting with Truss. “The New Zealanders will have to give us more on investment, mobility and services if they want a deal. They’ve been slow to move on those issues so far,” a senior Whitehall official said.

O’Connor said a New Zealand-UK deal would probably be similar to the UK-Australia trade agreement, which was agreed in principle this week. Tariff cuts on New Zealand farm exports including dairy, lamb and beef would be among Wellington’s demands, he said.

He added that British farmers should not fear New Zealand imports. Most of its agricultural products were destined for Asia, the US and other markets while the volume available for the UK and EU was small. New Zealand produce, however, could play a role in meeting off-season demand, he said.

Recommended

Analysts said Wellington’s efforts to diversify its trade partners may help shield its economy in the event of a breakdown in relations with Beijing, even if there was little economic rationale to do so at present.

“Diversification is always a question of protecting yourself against risk,” said Rob Scollay, associate professor at the University of Auckland. “But I’m not sure, absent some kind of political meltdown, there is any strong reason to diversify away from China.”

New Zealand has been criticised by Australian politicians, analysts and media over what they view as its cosy relationship with Beijing, which has been accused of trampling human rights in Hong Kong and Xinjiang.

Wellington has resisted expanding the remit of the Five Eyes intelligence alliance, a network that includes Australia, the UK, Canada and the US.

Last month, 60 Minutes broadcast a documentary titled Dollars vs Decency: Is China Taking Over New Zealand? that criticised O’Connor for saying Australia needed to “follow us and show respect” to Beijing.

“Probably in hindsight I shouldn’t have said it that way,” said O’Connor, adding he maintained a positive relationship with his Australian counterpart.

He also denied that Wellington had gone soft on China. “We speak out when necessary and we continue to build the trade opportunities where there is value for both supplier and customer.”

Trade Secrets

The FT has revamped Trade Secrets, its must-read daily briefing on the changing face of international trade and globalisation.

Sign up here to understand which countries, companies and technologies are shaping the new global economy.



Source link

Related Posts

Live news updates: Rishi Sunak says ‘standards are worth fighting for’

by MtR
July 6, 2022
0

The UK’s leader of the opposition has called on prime minister Boris Johnson to quit following the resignation of two...

Eaton bringsthe acquisition of Tripp Lite to Europe, the Mid…

by MtR
July 5, 2022
0

(MENAFN- Active DMC) DUBAI, UAE - Power management company Eatonis fast developing a new customer base in Europe, the Middle...

Euro hits weakest level in 20 years amid gloomy economic outlook

by MtR
July 5, 2022
0

The euro dropped to its weakest level against the dollar in two decades on Tuesday and stock markets registered steep...

The global drilling fluids market was estimated to be at

by MtR
July 5, 2022
0

New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Drilling Fluids Market - A...

Europe Green Tire Market Size, Scope and Forecast

by MtR
July 5, 2022
0

New Jersey, United States – The Europe Green Tire Market research report aims at providing a quick overview of the overall performance...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
Fed tapering and emerging markets

Fed tapering and emerging markets

June 7, 2021
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

MARKET LIVE: Sensex, Nifty flat; metal stocks slump in pre-open

July 6, 2022

Annapurna Swadisht Ipo In August | Kolkata News

July 6, 2022

Mutual Fund Window Open, but Not Much Going Through

July 6, 2022

Passive Index ETF Investments Could Be Adding to EM Volatility

July 6, 2022

Recent News

MARKET LIVE: Sensex, Nifty flat; metal stocks slump in pre-open

July 6, 2022

Annapurna Swadisht Ipo In August | Kolkata News

July 6, 2022

Mutual Fund Window Open, but Not Much Going Through

July 6, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter