New Zealand - Latest News/Current Events, Economic Overview & Trade Relations
AEI | Quick Facts about Newzealand
| Official Name | New Zealand abbreviation |
| Capital | Wellington |
| Location | Oceania, islands in the South Pacific Ocean, southeast of Australia |
| Area | total: 268,680 sq km land: 268,021 sq km water: NA note: includes Antipodes Islands, Auckland Islands, Bounty Islands, Campbell Island, Chatham Islands, and Kermadec Islands |
| Climate | temperate with sharp regional contrasts |
| Terrain | predominately mountainous with some large coastal plains |
Editor PicksBrowse Asia News Archive
New Zealand: 70% Small Businesses Grew Last Year
New Zealand businesses are showing self-reliance in the face of the economic downturn. This is a key theme emerging from the 2009 Mood of the Boardroom survey, says Business NZ. Mood of the Boardroom, run jointly by Business NZ and the NZ Herald.
read full newsOceania's Dollar Rose for a Second Day
The Australian and New Zealand currencies were the second- and third-best performers among major currencies against the U.S. dollar over the past three months as interest rates of 3 percent in Australia and 2.5 percent in New Zealand attracted investors…
read full newsNew Zeland Increases Business Confidence
New Zealand is expecting to get out from the recession in the quarter this year, growing the economy confidence.
read full newsKiwi Dollar Continues to Slide
The New Zealand dollar continued to drift lower today, ending up just above the US56 cent mark at the local close.
read full newsNZ Gas Field May be a Goldmine
Todd Energy is planning to drill three wells in the next 18 months to check whether a little-known onshore Taranaki gas field could become a major producer.
read full newsNew Zealand: Low Interest Rates Spark Resurrection
The dramatic fall in interest rates over the past few months has helped to kick life back into the commercial and industrial property agency business, says Chris Bayley, general manager commercial and industrial for Bayleys Real Estate.
read full newsBrowse Asia News Archive
Trade Agreements
Australia - New Zealand Closer Economic Partnership
The Australian New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) aims to strengthen the partners’ relations, to eliminate trade barriers between the two countries, to develop closer economic relations, promote fair competition in trade within the two countries. ANZCERTA was entered into force in 1983 and began as an effort to integrate the two countries through free trade in goods and services. Once the initial goals were met, the governments from both countries have moved to a deeper integration of the two economies. http://www.fta.gov.au/default.aspx?FolderID=285&ArticleID=231
New Zealand - Singapore Closer Economic Partnership
One of the most comprehensive trade agreements entered into by New Zealand, The New Zealand – Singapore Closer Economic Partnership address goods, services, investment and barriers. Through the agreement, New Zealand has set up its first technology center in Singapore encouraging international business. Economic cooperation and the overall market access has improved significant with the agreement. Under the agreement, both countries will: eliminate tariffs (allowing numerous Singapore exports to gain preferential market access), liberalize service sectors, commit to a set of rules and framework, establish a Mutual Recognition agreement and establish a government procurement market.http://www.fta.gov.sg/fta/pdf/anzscep.pdf
South Pacific Regional Trade and Economic Cooperation Agreement
Cook Islands
Fiji
Kiribati
Marshall Islands
Micronesia (Federated States Of)
Nauru
Palau
Samoa
Solomon Islands
Tonga
Tuvalu
VanuatuNew Zealand, Australia and the countries of the South Pacific Forum signed the South Pacific Regional Trade and Economic Cooperation Agreement in 1981. Under the agreement, the products coming from South Pacific Forum countries will have duty free access to the markets in both Australia and New Zealand.http://www.austlii.edu.au/au/other/dfat/treaties/1982/31.html
Thailand - New Zealand Closer Economic Partnership Agreement
In force since 2005, the New Zealand-Thailand Closer Economic Partnership (CEP) will open up the Thailand market to New Zealand exporters. All tariffs on New Zealand goods to Thailand will be eliminated by 2025 and New Zealand will eliminate all tariffs on Thai goods by 2015. The New Zealand government said in a press statement, "The CEP is seen by both sides to be not just of economic importance but also of strategic importance. It will make both countries more competitive in the global market place by encouraging Thais and New Zealanders to pool their expertise, ideas, technology and resources.”http://www.mft.govt.nz/tradeagreements/thainzcep/pdfs/thainzcep-december2004.pdf
Trans-Pacific Strategic Economic Partnership Agreement
The Trans-Pacific Strategic Economic Partnership Agreement was concluded in 2005. The Agreement has previously been know as the Pacific Tree FTA; however, upon the entry of Brunei, it changed to its current title. It spans three continents, the first FTA to do so, and it seeks to connect the economies of the involved countries. Most of the tariffs were eliminated upon entry into force as well as immediate market access.http://www.mfat.govt.nz/Trade-and-Economic-Relations/0--Trade-archive/0--Trade-agreements/Trans-Pacific/0-sep-index.php
Trade Organizations
Asia-Pacific Economic Cooperation (APEC)
Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries or regions (styled 'member economies') to discuss the regional economy, cooperation, trade and investment. The membership is claimed to account for approximately 41 percent of the world's population, approximately 56 percent of world GDP and about 49 percent of world trade. The activities, including year-round meetings of the members' ministers, are coordinated by the APEC Secretariat.
East Asia Summit (EAS)
The East Asia Summit (EAS) is a Pan-Asia forum of 16 countries in East Asia, with ASEAN in a leadership position.
Pacific Islands Foum (PIF)
The Pacific Islands Forum (PIF)is an inter-governmental organization which aims to enhance cooperation between the independent countries of the Pacific Ocean and represent their interests. It was founded in 1971 as the South Pacific Forum; the name was changed in 2000 to better reflect the correct geographic locations of its member states both in the north and south Pacific. The Forum's member states are: Australia, the Cook Islands, the Federated States of Micronesia, Fiji, Kiribati, the Marshall Islands, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Samoa, the Solomon Islands, Tonga, Tuvalu, and Vanuatu. Since 2006, associate members territories are New Caledonia and French Polynesia.
Trans-Pacific Strategic Economic Partnership (SEP or P4 Agreement)
he Trans-Pacific Strategic Economic Partnership (SEP), also known as the P4 agreement, is a multilateral free trade agreement between the countries of Brunei, Chile, New Zealand and Singapore which was signed on 3 June 2005 and came into force on 28 May 2006.