Trade ministers from 19 countries have agreed on a series of practical initiatives aimed at reducing trade barriers, improving digital trade and strengthening supply chain resilience at the Future of Investment and Trade (FIT) Partnership ministerial meeting in Auckland.
Trade and Investment Minister Todd McClay, who chaired the meeting of globalists, said representatives from Africa, the Middle East, Asia, Europe, Latin America and the Pacific had committed to measures designed to make international trade easier and more resilient.
“It was a pleasure to host ministers and representatives from Africa, the Middle East, Asia, Europe, Latin America and the Pacific, in Auckland. New Zealand is well respected for its principled approach to rules-based trade and reduced trade barriers,” McClay said.
A key outcome was a declaration signed by New Zealand and eight other countries committing to tackle non-tariff barriers, which McClay said cost New Zealand an estimated $9 billion in trade and disproportionately affect the primary sector.
“I was pleased to lead the new arrangement focused on tackling non-tariff barriers. As small and medium-sized economies, they directly affect whether our exporters can compete in-market,” he said.
Ministers also adopted a declaration on digital trade aimed at expanding the use of electronic commercial trade documents and advancing paperless trade through future pilot projects and public-private partnerships.
In addition, 13 FIT members endorsed a declaration on economic resilience, committing to work together to reduce economic security risks, keep trade flowing during disruptions, and maintain access to critical transport infrastructure, including land routes, airports and seaports.
The partnership also agreed to establish a new work programme examining global subsidies, with members saying the initiative would complement ongoing efforts through the World Trade Organization and other international forums by addressing trade distortions that disadvantage competitive exporters.
The meeting also welcomed Korea, Peru and Thailand as new members, bringing the FIT Partnership’s membership to 19. Fiji and Samoa attended the meeting as guests of the chair.
