Dynamic Business: NZ ministers tout Government’s trade ambitions at US summit (NZ Herald)
Key coalition ministers have articulated a unified vision for New Zealand’s future that embraces innovation, value uplift and enhanced diplomatic ties with the United States and beyond.
The have also pledged to undertake a record number of trade missions in the Government’s first term — more than any government in the history of New Zealand.
Speaking at last week’s United States Business Summit, Foreign Affairs Minister Winston Peters and Trade Minister Todd McClay delivered their first major speeches since the Government’s formation to a room packed with business leaders.
Peters outlined specific actions to unlock economic potential, including maximising the value of bilateral trade, resolving barriers to trade and strengthening supply chains. He stressed the importance of collaboration in industries that are key to building a more prosperous and secure future, including critical technologies and space.
He also spoke of the enduring and special relationship between New Zealand and the United States.
Drawing parallels between our shared democratic traditions, he highlighted the shared commitment to values such as human rights, freedom of speech, free and fair trade and the rule of law.
“Because of these common values and democratic traditions, it’s hardly surprising that our global interests so often correspond, and that we have repeatedly worked together in times of international crises and in the face of major global challenges,” he said. “And we will continue to do so.”
Underlining the strategic importance of the Pacific in bilateral relations, Peters commended recent initiatives such as the opening of US embassies, the return of the US Peace Corps and increased security commitments in the region.
However, he called for a more intensified engagement to address strategic and security challenges in the Indo-Pacific region, emphasising a shared interest in stability and prosperity.
McClay echoed the importance of trade as an essential engine for growth and its role in expanding economic opportunities, lifting incomes and strengthening the country’s ability to respond to shocks.
“We therefore have a strong and clear message for our partners,” he said. “New Zealand is open for business. We will engage with you. We will be active offshore to work for New Zealand businesses and to drive investment in both directions.”
McClay noted that Government’s role is much broader than facilitating market access: “It is about shaping the brand and the story behind it. Opening doors, helping to make connections, and supporting New Zealanders to do well on the world stage.”
McClay outlined the new Government’s trade strategy, aiming to drive export value, expand market access and resolve trade barriers.
“I am going to seek urgent advice from officials as to how and what else we can do to supercharge this support to business,” he said. “We are determined to break down the barriers that are such a drag on productivity and growth.”
He recalled that in 2016, one of his first responsibilities as a new trade minister was hosting a 12-country ministerial meeting followed by a ceremony in Auckland for the Trans-Pacific Partnership Agreement.
He underscored the significance of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as the best option for the United States to embed itself in the Indo-Pacific economic architecture.
“We will all be aware that the US ultimately decided not to join the agreement,” he said. “It remains my hope to someday be able to welcome them.”
In the meantime, McClay said New Zealand remains focused on other ways in which the US can actively engage in the economic architecture of the Indo-Pacific, particularly through the Indo-Pacific Economic Framework (IPEF).
“On the numbers alone, it is huge: 14 countries, six G20 economies including the US and India, 50 per cent of New Zealand’s exports, 40 per cent of global GDP. To state the obvious, when the US is running with a regional economic initiative of this scale — one that includes rule-making — you can’t afford to not be at the table.”
As New Zealand navigates the shifting tides of trade globally, these two key ministers responsible for New Zealand’s international efforts have signalled a resolute focus on growth and adaptability to deal with whatever global challenges might come our way.