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Domestic
New Zealand hosts Future of Investment and Trade Partnership Ministerial and Senior Officials Meeting in Auckland
Members of the Future of Investment and Trade (FIT) Partnership met in Auckland 16-17 July, endorsing practical initiatives aimed at enhancing trade and reducing barriers.
Outcomes included the issuing of Ministerial Declarations on economic resilience and digital trade, a declaration on confronting non-tariff barriers, and agreement of a new work area to focus on global subsides. This will better enable members including New Zealand to take practical steps to tackle trade barriers; harness the power of digital technology to facilitate trade; and work together to support the integrity of supply chains and restore fair competition. Ultimately, working with like-minded economies through the FIT Partnership supports our exporters, strengthens our trading position and grows our economy.
The meeting also welcomed three new members – Korea, Peru and Thailand – bringing the total membership to 19. New Zealand also welcomed Ministers from Fiji and Samoa.
The Ministerial meeting was one of the most significant trade gatherings New Zealand has hosted in many years. New Zealand is a founding member of the FIT Partnership, with membership including Brunei Darussalam, Chile, Costa Rica, Iceland, Korea, Liechtenstein, Malaysia, Morocco, Norway, Panama, Paraguay, Peru, Rwanda, Singapore, Switzerland, Thailand, the United Arab Emirates and Uruguay.
For more information, see: New Zealand hosts FIT Partnership Ministerial Meeting | New Zealand Ministry of Foreign Affairs and Trade
International
AMD to establish AI research centre in Korea
US semiconductor company AMD has signed an agreement with Korea’s Ministry of Science and ICT to establish an AI Centre of Excellence in Korea. AMD is one of the world’s leading chip designers, producing processors and AI accelerators used in data centres, personal computers, and gaming systems. The new centre will support AMD’s global AI software development and serve as a hub for collaboration with Korean businesses, universities, and research institutes, including joint research, software development, technology testing, and workforce training. The partnership will also seek to combine AMD’s processors with Korean-designed AI chips and foster a wider computing ecosystem spanning memory, networking, servers, and software. The agreement forms part of Korea’s push to strengthen its domestic AI semiconductor industry and connect Korean companies more closely with global AI supply chains.
US Confirms Forced Labour Tariffs
The United States announced on 23 July that it is imposing additional tariffs on 60 economies accounting for 99% of US goods imports. This follows the United States Trade Representative (USTR)’s investigation under Section 301 of the Trade Act of 1974 into forced labour. New Zealand will be subject to an additional 12.5% tariff on most exports to the United States from 24 July 2026, replacing the expiring Section 122 tariff regime. The New Zealand Government is disappointed with the outcome and will continue to make the case for better treatment with the United States. Economies that have entered into Agreements on Reciprocal Trade (ART) with the United States, or otherwise committed to forced labour import bans, received a lower 10% tariff rate.
Existing exemptions continue, including for beef, kiwifruit, and other tariff lines previously excluded from Section 122 duties. The Section 301 tariffs will be applied in addition to normal US MFN tariffs but will not stack with Section 232 tariffs. For product-specific details by tariff line, see the Tariff Finder(external link).
The IMF’s new regional centre in Shanghai
The International Monetary Fund (IMF) has established a Shanghai Regional Centre, in collaboration with the People’s Bank of China (PBOC – China’s central bank), to promote Asia-Pacific-focused research. The Centre will have a role in capacity building in the region, collaborating with the China-IMF Capacity Development Center(external link) (CICDC), with research initially focused on East Asian and South-East Asian economies.
Upcoming Events and Webinars
NZTE/MFAT — Talking Tariffs Webinar: Thursday, 30 July 2026, 1:30pm–2:00pm
Hear the latest updates on US tariffs — including how New Zealand is responding to the US investigation into forced labour from the Ministry of Foreign Affairs and Trade, followed by a facilitated Q&A.
Thursday, 30 July 2026, 1:30pm–2:00pm
Market reports released this week
- Read the previous global economic round-up
- Brazil Economic Outlook and Opportunities for New Zealand
- US Confirms Section 301 Forced Labour Tariffs on 99% of US imports; New Zealand subject to 12.5% Additional Duty
- China's proposed amendments to its 2019 E-Commerce Law
A full list of global economic round-ups can be found here(external link)
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External links
The following links may provide useful information to businesses:
NZTE’s website(external link) and their myNZTE(external link) provides a range of insights and tools available to support New Zealand exporters.
The Treasury releases a weekly economic update(external link) every Friday. Stats NZ has published a data portal(external link) with near real-time economic indicators.
MBIE publishes a sector reports series(external link) which provides regularly updated reports on all industry sectors that make up the New Zealand economy. These include official economic data and the challenges and opportunities that face New Zealand’s industry sectors.
Business.govt.nz(external link) provides tools and advice from across government to save small businesses’ time and help make the business a success.
MFAT has created a tariff finder(external link) which is designed to help goods exporters and importers maximise benefits from New Zealand’s Free Trade Agreements and compare tariffs in 136 other markets.
The all of government Trade Barriers(external link) website can be used to register any trade barriers experienced or issues exporting to an offshore market. Queries can be sent via the website or through the MFAT Exporter Helpline 0800 824 605. Enquiries will be sent to the government agency best placed to answer.
Tatauranga Aotearoa Stats NZ provides official data on the value of New Zealand’s exports and imports of both goods and services, by commodity type via the New Zealand Trade Dashboard(external link). This interactive dashboard is updated every quarter and allows for filtering by country and by commodity type.
Learn more about exporting
New Zealand Trade & Enterprise’s comprehensive market guides(external link) cover export regulations, business culture, market-entry strategies and more.
Disclaimer
This information released in this report aligns with the provisions of the Official Information Act 1982. The opinions and analysis expressed in this report are the author’s own and do not necessarily reflect the views or official policy position of the New Zealand Government. The Ministry of Foreign Affairs and Trade and the New Zealand Government take no responsibility for the accuracy of this report.
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