Wednesday, June 19, 2024

Trio of Indo-Pacific economic agreements signed

Trade Minister, Todd McClay and Climate Change Minister, Simon Watts, today signed three Indo Pacific Economic Framework (IPEF) agreements that aim to boost investment, grow New Zealand’s digital and green economies and increase trade between New Zealand and the 14 IPEF partners.

The Ministers say IPEF’s partners represent 40% of global GDP and account for 50% of New Zealand’s exports and include critical markets for Kiwi exporters in Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, The Philippines, Singapore, Thailand, The United States, and Viet Nam.

Minister McClay signed the overarching IPEF Agreement and the Fair Economy Agreement, while Minister Watts signed the IPEF Clean Economy Agreement.

The Overarching Agreement focuses on anti-corruption efforts and streamlining labour and tax standards to create a secure and transparent economic climate in the Indo-Pacific region.

The Fair Economy Agreement creates an investment eco-system that is safe, transparent, and reliable for business, while attracting investors.

“Increased investment transparency and further cooperation on supply chain resilience with IPEF partners will aid Kiwi businesses and boost the New Zealand  economy to achieve the aspirational target of doubling exports value in 10 years,” Mr McClay said.

The Clean Economy Agreement signed by Minister Watts increases cooperation on achieving climate goals by mobilising investment in technologies and solutions for energy, industry, and transport.

“This agreement provides new ways for Kiwi innovators and investors to partner in climate change solutions while supporting renewable energy and emissions reducing technology. This will bring significant benefits to New Zealand,” he said.

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