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At the APEC Leaders’ Meeting held in Bangkok in October 2003, the Prime Ministers of Thailand and New Zealand, Thaksin Shinawatra and Helen Clark, agreed to undertake a joint study into a Closer Economic Partnership (CEP) between their two countries and subsequently to enter into negotiations. They called for negotiations to be concluded by the time APEC Leaders next meet, in November 2004.
This initiative reflects the longstanding friendship between Thailand and New Zealand, as well as both countries’ commitment to forging closer regional economic linkages, and recognition of the gains that would potentially accrue to both Thailand and New Zealand. This study assesses the strategic and economic benefits from a comprehensive CEP agreement between the two countries. The study also looks at principles and objectives for individual elements likely to be discussed in the negotiating process.
A closer economic partnership of the kind proposed for Thailand and New Zealand involves not only preferential liberalisation of trade in goods but also a range of other issues which will extend and deepen ties across the wider trade and investment relationship. As well as addressing trade in services and investment, the study explores the scope for cooperation in areas such as standards and conformance, quarantine, competition policy, government procurement, e-commerce, labour and environment issues and technology transfer.
A bilateral CEP will help advance both countries’ trade policy and economic development objectives. While Thailand and New Zealand are committed to pursuing international and regional trade liberalisation through the WTO, APEC and the AFTA/CER Closer Economic Partnership processes, both are keen to seek opportunities to generate benefits from trade liberalisation and facilitation on a faster bilateral track.
Global connectedness and cooperation are crucial for success in today’s international market place, especially for small economies which are heavily dependent on international trade. Thailand’s and New Zealand’s trade policies recognise that strategic bilateral partnerships assist companies and business people to compete in third country markets through cooperation in exchanging ideas, production and marketing, and through access to competitively priced inputs.
The Government of Thailand is currently encouraging trade with secondary and new international markets in order to lower the economy’s exposure to current markets and reduce the country’s vulnerability to external shocks. Along with the diversification of markets, encouraging the production of higher valued products is a major element of Thailand’s trade policy. In New Zealand, enhancing global connectedness, including through closer economic partnerships, is a key focus of the Government’s Growth and Innovation Framework.
