Weekly Global Report:
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Domestic
- The Ministry of Foreign Affairs and Trade is currently seeking views on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) General Review. The Review will take into account the work of all committees established under CPTPP, identify provisions that would benefit from revision or updating, and ensure the Agreement remains of the highest possible standard. Feedback is sought to ensure that CPTPP remains relevant to the trade and investment issues and challenges New Zealand currently faces
- MFAT particularly welcomes feedback from Māori, businesses, exporters, civil society and the public to ensure CPTPP reflects the interest of all New Zealanders. Consultation opens on 7 March 2024. To make a submission, email cptpp@mfat.govt.nz or click here for a survey link(external link).
Europe
Norway bans greenhouse gas vehicles from its Fjords
- From 2026, greenhouse gas-emitting vessels will be prohibited from sailing into Norway’s World Heritage fjords. The ban will not directly lower emissions but aims to drive technological developments that lower emissions in the long term. As New Zealand moves towards a lower-carbon future, we could benefit from technological developments drawn from Norway for our own cruise sector.
European legislation on platform workers
- On 11 March, the European Union (EU) Council and European Parliament confirmed a provisional agreement to regulate algorithmic management in the workplace on platform workers, including for Uber and Deliveroo drivers. This is the first piece of legislation that sets minimum standards to improve working conditions for millions of platform workers across the EU. The agreement is pending formal adoption by both the Council and Parliament. Following adoption, member states will have two years to incorporate the provisions of the directive into their national legislation. Read more here.(external link)
North Asia
Japan avoids technical recession
- Japan's economy expanded at an annualized 0.4% in the October-December period from the previous quarter, according to revised figures released on Monday 11 March by the Cabinet Office, up from a preliminary 0.4% drop announced last month. The revised data shows the economy bouncing back from a contraction in the July-September period thanks to a capital expenditure boost, and avoiding a technical recession - widely understood as two consecutive quarters of economic contraction. According to the revised gross domestic product figures, capital expenditure increased annualized 8.4% in the fourth quarter of 2023; the preliminary data showed a 0.3% contraction.
Middle East
Exports to Saudia Arabia reach new heights
- According to Stats NZ’s New Zealand Trade Dashboard(external link), new data for the year ending December 2023 shows exports to Saudi Arabia crossing NZ$1 billion for the first time. At $1.05 billion, exports to Saudi Arabia passed the United Arab Emirates (NZ$1.04 billion) to become New Zealand’s largest export market in the Middle East. This marked rise in exports (+33% in the last five years) demonstrates the substantial ease-of-doing-business gains made under Saudi Arabia’s Vision 2030
South and South East Asia
Successful visit from Prime Minister of Viet Nam to New Zealand
- Prime Minister of Viet Nam, Pham Minh Chinh, made the first Guest of Government visit to New Zealand hosted by Prime Minister Luxon (9-11 March), providing an early opportunity to demonstrate New Zealand’s renewed focus on engagement with one of our strategic partners, and with South East Asia more broadly. Prime Minister Chinh’s 180-strong delegation included eight Ministers, two Mayors, and multiple Chief Executives. Outcomes included: committing to boost our two-way trade to US$3 billion by the end of 2026; announcing the NZ$6.24 million VietFruit project assisting Vietnamese passionfruit growers; establishing an Oceans Dialogue on international law between Ministries of Foreign Affairs; and refreshed cooperation arrangements between respective Ministries for Trade, Education, and Finance. Viet Nam expressed interest in “elevating bilateral relations in the near future”, with the 50th anniversary of diplomatic relations occurring in 2025.
Viet Nam-Australia announce Comprehensive Strategic Partnership
- Australia and Vietnam elevated their relationship to a Comprehensive Strategic Partnership (CSP) on 7 March, capping a busy year which saw a broader lift in Viet Nam’s relations with its closest economic and security partners. Only six other countries hold this level of diplomatic relationship with Viet Nam [China, Russia, India, South Korea, United States, Japan]. Under their CSP, Australia and Viet Nam have committed to expand cooperation in defence, trade and investment, people-to-people ties, climate, green energy, and digital technology, and pledged to reinforce cooperation amidst growing tension in the South China Sea.
India fast-tracks plans for semiconductors
- India has fast-tracked plans to position itself as one of the key players in the global semiconductor ecosystem and broke ground at two new semi-conductor sites on 13 March. This follows the recent announcement that the Tata group and Simmtech will set up India’s first production plants in Gujarat, with a further plant also planned in Assam. India is expected to become a major semi-conductor producer over the next five years, supporting its ‘Made in India’ aspirations, and creating an uninterrupted supply chain network within India. The total investment into the projects is estimated at around US$15.14 billion.
Foreign Minister Winston Peters visits India
- Foreign Minister Winston Peters has completed a successful visit to Gujarat and New Delhi in India. During his meeting with India’s External Affairs Subrahmanyam Jaishankar, the two Ministers discussed shared strategic perspectives and security challenges for the Indo-Pacific region and demonstrated a joint commitment to investing more in building a broad-based, mutually beneficial relationship. Minister Peters also met India’s Vice President Jagdeep Dhankhar, National Security Advisor Ajit Doval, and Chief Minister of Gujarat Bhupendrabhai Patel, and took part in a panel discussion on enhancing Pacific economic connectivity alongside representatives of Pacific Island countries and Indian government and business. During the visit an enhanced Air Services Agreement between the two countries came into force to boost aviation links between New Zealand and India - making code sharing on services between New Zealand and India easier.
Market reports released this week
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Previous global economic round-ups can be found here.
External links
The following links may provide useful information to businesses:
NZTE(external link) has a website focused on providing COVID-19 information for exporters. They’ve also launched myNZTE(external link), an interactive digital portal of insights and tools available to all 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)(external link)(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.
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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.