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Minister of Economic Development of the Russian Federation Elvira Nabiullina and Minister of Trade of New Zealand Hon Tim Groser met today in Moscow and agreed that New Zealand and Russia, joined by its partners under the Customs Union, Kazakhstan and Belarus, will commence a preparatory process towards a Free Trade Agreement (FTA) by instructing officials to jointly set out the possible objectives and scope of such an Agreement.
Both Ms Nabiullina and Mr Groser acknowledged the dynamic trade and economic integration process under way in the Asia Pacific region and the importance to both countries of being actively engaged in this process. An FTA will add a new and important link in the region’s evolving economic architecture.
New Zealand and Russia have for many years maintained a constructive and positive trading relationship. Current two-way trade has risen to just under $US300 million, but there is potential for much closer trade and economic links between our countries. From its current low base, there is also scope for New Zealand’s trading relationship with Belarus and Kazakhstan to grow for the mutual benefit of all countries.
There are many mutual benefits for Russia and New Zealand from this initiative. An FTA will open doors and provide new opportunities for our business people. It will also help to drive innovation and modernisation in our economies.
New Zealand and Russia’s trade profiles are mostly complementary, with New Zealand’s exports predominantly agricultural, and energy and machinery constituting the majority of Russian exports. An FTA will strengthen trade flows in the mutual interest, and bolster the growing bilateral trade in services, especially education and tourism, and the developing investment links.
Both Ms Nabiullina and Mr Groser reiterated the importance of Russia’s accelerated accession to the WTO, and agreed to work together in Geneva to contribute to the conclusion of multilateral negotiations by the end of the year.
Officials will meet immediately to discuss the organisational and substantive details of this preparatory process.
