Sunday, June 23, 2024

Twyford to talk ASEAN trade upgrade

Minister of State for Trade and Export Growth, Phil Twyford, will travel to Cambodia tomorrow for trade negotiations with the Association of South East Asian Nations (ASEAN).

“Making sure we have high-quality trade deals in place which ensure New Zealand businesses continue to grow in key markets is central to the Government’s economic recovery plan, and will deliver greater economic security for all New Zealanders,” Mr Twyford (pictured) said. 

“In Phnom Penh, I will meet with my ministerial counterparts for negotiations on the upgrade to the ASEAN-Australia-New Zealand FTA (AANZFTA), to continue negotiations to secure a high-quality outcome that will further support New Zealand businesses trading and investing in the ASEAN region.”

South East Asia is the third largest market in the world, and the ASEAN bloc is New Zealand’s third largest two-way trading partner.

“In 2021 we sent almost 10% of our total exports to ASEAN countries. The AANZFTA has supported this growth and in the 12 years since the Agreement’s entry into force, our goods exports alone to ASEAN have grown by 44% to $7.37 billion in the year to June 2022.”

“The AANZFTA upgrade process provides an opportunity to ensure that this high-quality free trade agreement remains modern and fit for purpose whilst boosting the region’s economic integration.

“I am looking forward to constructive discussions with my ministerial counterparts from across the ASEAN member-states, where I will be keeping the importance of supporting our exporters and ensuring the benefits of trade deliver for all at the centre of my conversations,” Mr Twyford said.

Phil Twyford will depart New Zealand on Wednesday and return to New Zealand on Saturday.

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